As of 2022, Cyprus has an installed solar power capacity of approximately 420 MW. ²

Cyprus aims to reach 900 MW of installed solar capacity by 2030. ⁵

• Oil and petroleum products: the average price of gasoline is $1.62/l and that of diesel $1.72/l. ⁶
• Solar PV: 0.33 $/kWh. ⁷
• Wind power: 0.08 $/kWh. ⁸

⁹

• Fossil Fuels: Approximately 80% of electricity generation, primarily from oil and petroleum products, producing about 4.3 terawatt-hours.
• Solar Energy: Contributed around 15%, generating roughly 800 gigawatt-hours of electricity.
• Other Renewables: The remaining 5% included contributions from wind, hydro, and bioenergy sources.

The average daily availability of electricity from the national grid in Cyprus is almost 24 hours. ⁴

Electricity outages in Cyprus occur sporadically, once or twice a month, often linked to technical faults or grid overloads.

The grid is currently under strain due to the increasing integration of renewable energy sources, and without significant upgrades and storage solutions, the stability and reliability of this continuous supply could be at risk.

As of the end of December 2023, there were approximately 52,883 residential installations of solar panels Cyprus. This includes: ¹⁰

• 52,125 net metering systems with a total capacity of 240 MW (these systems typically have capacities up to 10 kW).
• 758 net-billing systems with a total capacity of 65 MW (these systems have capacities exceeding 10 kW, suitable for larger residences or commercial properties).

Cyprus has several notable solar farms contributing to its renewable energy capacity: ^{11 12}

• Vassiliko Cement Works Photovoltaic Park: 8 MW, operational since 2020, supplying about 10% of the cement works‘ electricity needs.
• Apollon Solar Power Station: 10 MW, located at the University of Cyprus.
• Athalassa 2 Solar Park: 0.392 MW.

¹³ Off-grid photovoltaic systems are less common in Cyprus, because the government encourages the adoption of grid-connected solar systems through subsidies and net metering schemes

Off-grid systems are usually used for specific applications like powering boats, swimming pools, or remote cabins.

In Cyprus, the on-grid market demand for solar panels is rapidly increasing. By the end of December 2023, Cypriots had installed a total of 52,883 photovoltaic systems, with a total capacity over 300 MW. Additionally, the Cyprus Electricity Authority (EAC) receives approximately 1,500 new applications each month from residents interested in installing solar panels. With 10% of the island’s households already equipped with these systems, the market is set for continued expansion as demand grows. ¹⁰

The average salary in Cyprus is approximately $2,400 per month as of 2024. ¹⁴

Solar Photovoltaic Installer: the average monthly salary is approximately $1,214. ¹⁵

Solar Energy Systems Engineer: the average monthly salary is approximately $2,411. ¹⁶

Solar Energy Installation Manager: the average monthly salary is approximately $3,080. ¹⁷

The current population of Cyprus is 1,360,180. ¹⁸

Estimate for Factory Rent ¹⁹

Industrial factory rent prices in Cyprus generally range from $2.22 to $6.67 per square meter per month, depending on the location and specific characteristics of the land. Areas with high demand, such as Limassol and Nicosia, may command higher rents, while rural or less-developed areas may offer lower rates.

Industrial Electricity Rates ²⁰

In 2023, electricity rates for business users in Cyprus were among the highest in Europe, averaging $0.30 per kWh for non-household consumers, particularly for those with annual consumption between 20,000 and 70,000 MWh.

Water Costs ²¹

In Cyprus, water rates for business users are based on actual consumption measured by meters, with a small fixed charge included in the bill. The rates are progressive; for lower consumption, costs are minimal, but higher rates apply once consumption exceeds 120 cubic meters every four months (approximately 1 cubic meter per day). Typical monthly costs for moderate usage can range from $33.36 to $50, depending on the business’s water needs and usage patterns.

Salaries and Wages ^{15 16 17}

Worker of solar industry in Hungary earn between from $1,214 and $2,411 monthly, depending on the position.

Rent for Office Space ²²

Generally, rental prices for commercial properties range from $16.7 to $33.36 per m2 per month. Limassol and Nicosia tend to have higher rental costs due to demand, while areas like Larnaca may offer more affordable options.

Insurance ²³

The average spending per capita for property insurance in Cyprus was approximately $323 in 2023.

Energy Mix ⁵

• Dominant Source: Fossil fuels, particularly oil and petroleum products, account for approximately 83% of the power mix in 2022.
• Renewable Energy: Solar energy is the second-largest source, generating around 800 GWh of electricity in 2023, which is roughly 15% of the total electricity generation.
• Other Sources: Natural gas is not currently used for electricity generation, and there are no significant contributions from coal or other fossil fuels besides oil.

Infrastructure and Interconnections ⁸

• Generation Capacity: The national electricity company, Electricity Authority of Cyprus (EAC), accounts for about 70% of electricity generation. The remaining capacity is from private generators and renewable sources.
• Transmission and Distribution: The Cyprus Transmission System Operator (TSO) manages the transmission grid, while the EAC handles distribution. There are ongoing efforts to liberalize the electricity market, but competition remains limited due to the small size of the domestic market.
• Interconnections: Cyprus lacks significant interconnections with neighboring countries, which hampers its ability to import or export electricity. However, there are plans to develop energy interconnections with neighboring countries to enhance energy security.

Export and Import ⁹

• Import Dependency: Cyprus is heavily dependent on imported oil products, with 100% of its oil needs being imported. The country has no domestic oil production and relies on imports from countries like Israel, Greece, and Italy.

Policy Goal ²⁴

• Renewable Energy Targets: Cyprus aims to increase its renewable energy capacity, particularly solar power, to meet EU Green Deal goals. The country targets 900 MW of solar capacity by 2030.
• Energy Diversification: The government is working to reduce reliance on fossil fuels by accelerating the deployment of renewables and developing energy interconnections with neighboring countries.
• Energy Efficiency: Cyprus is also focusing on energy-efficiency measures, including in the transport sector, to comply with EU energy and climate policies.
• Natural Gas: Efforts are underway to import natural gas for domestic use, including the construction of a liquefied natural gas (LNG) import plant with a Floating Storage and Regasification Unit (FSRU).

²⁵

Regulation of the Electricity Market Law of 2003: This law governs the operation and regulation of the electricity market.

Promotion of Use of Energy from Renewable Sources Law of 2022: This law aligns with EU renewable energy directives and encourages the adoption of renewable energy sources, including solar power.

Cyprus Energy Regulatory Authority (CERA): Entities and individuals wishing to install photovoltaic (PV) systems must apply through CERA, which oversees licensing. The licensing process involves submitting a comprehensive proposal to ensure compliance with national and EU regulations.

Clean Energy for All Europeans Package: Cyprus’s energy laws and regulations are aligned with the EU’s „Clean Energy for All Europeans“ package, which includes directives such as the Renewable Energy Directive (EU) 2018/2001, the Energy Efficiency Directive (EU) 2018/2002, and the Governance Regulation (EU) 2018/1999.

Environmental Impact Assessments: Licensing for solar farms, particularly larger installations, requires detailed environmental impact assessments to ensure compliance with local and EU regulations.

Surplus Energy Sales: The business model for PV in Cyprus typically involves selling surplus energy back to the grid, making PV investments financially viable for both residential and commercial users.

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National Guard Solar Project:

Investment: $21.13 million funded by the EU.

Scope: Installation of solar panels at National Guard camps and military facilities, starting in September 2024 and expected to be completed by 2027. This project is part of the „Thaleia“ program aimed at reducing Cyprus’s carbon footprint and enhancing energy independence.

Solar Energy in Education:

Investment: Installation of photovoltaic systems in 405 schools with a combined capacity of 4.9 MW.

Funding: Initially financed by the Electricity Authority of Cyprus (EAC) and later reimbursed by the Ministry of Education, supported by the EU’s Recovery and Resilience Plan. This initiative aims to reduce energy consumption in schools by approximately 30%.

„Photovoltaics for All“ Scheme:

Investment: Initial allocation of $33.36 million.

Objective: To facilitate the installation of solar panels for households, with a typical system of 4.2 kW aimed at covering around 30,000 households. This program includes quick installation and grid connection processes.

Grant: $278 per kW, with a maximum of $1,112 for a 4 kW system. Additional repayment of $1,112 per kW, capped at $4,448.

Support for Vulnerable Households:

The government is developing a plan to install free solar power systems for vulnerable individuals, funded through a small charge on electricity bills. This initiative aims to ensure that every roof in Cyprus can utilize solar energy, particularly for those who cannot afford the initial investment.

Grant: $1,390 per kW, up to $6,950 for a 5 kW system.

General subsidies for the installation of photovoltaic systems:

There are three funding categories for home improvements:

1. Thermal Insulation of Ceilings: Provides 45% funding of eligible costs, with a maximum state support of $2,502.
2. Thermal Insulation with Photovoltaic System: Offers 55% funding for thermal insulation (up to $3,058) and up to €$2,002 for photovoltaic system installation. The total maximum state support can reach $5,060.
3. Net Metering Photovoltaic System: Provides $417 per peak kW, with a maximum support of $1,668, or up to $1,112 per kW and $5,560 total for vulnerable consumers.

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Vassiliko Cement Works Photovoltaic Park:

• Capacity: 8 MW.
• Operational Since: 2020.
• Details: This facility covers about 10% of the energy needs of Vassiliko Cement Works.

United Nations Development Programme (UNDP) Solar Initiatives:

• Project: Installation of a 15 kW photovoltaic system at UNDP offices.
• Cost: Approximately $30,000.
• Significance: Aimed at demonstrating the viability of solar energy in institutional settings.

Net Metering Projects:

• Installed Capacity: Approximately 335 MW of PV capacity, with around 100 MW from net metering and net billing systems.
• Impact: These systems allow households and businesses to reduce their electricity bills by generating their own solar energy.

Bicommunal Solar Power Plant:

• Capacity: Proposed capacity between 30-50 MW.
• Status: A study announced in July 2023, funded by the EU, aims to assess the feasibility of this project to enhance cooperation between communities on the island.

„Solar for All“ Initiative:

• Objective: To facilitate the installation of solar panels across households, particularly targeting vulnerable groups.
• Budget: Initial allocation of €30 million to support approximately 6,000 households.

University of Cyprus Solar Park:

• Planned Capacity: A second solar park with a capacity of 10 to 13 MW is in the pipeline.
• Research Program: The university is also leading a €1.3 million research program to promote net metering policies across the EU.

³⁰

1. Cyfield

• Headquarters: Nicosia, Cyprus
• Website: cyfieldgroup.com
• Details: Cyfield is a leading energy solutions provider with a robust presence in Cyprus, Greece, and Egypt. The company is renowned for its expertise in solar energy projects, offering end-to-end solutions from design and installation to maintenance.

2. Andi Solartec

• Headquarters: Nicosia, Cyprus
• Website: https://andisolartec.com/
• Details: Established in 2010, Andi Solartec has built a reputation for providing high-quality solar panel installations and advanced battery storage solutions. The company caters to both residential and commercial sectors, offering tailored solar systems that enhance energy efficiency and reduce electricity costs.

3. EcoSun

• Headquarters: Larnaca, Cyprus
• Website: https://ecosuncyprus.com/
• Details: EcoSun is dedicated to advancing solar energy adoption with a focus on both solar systems and battery storage solutions. The company provides a range of services, including site assessment, system design, and installation, aimed at optimizing energy savings and environmental impact.

4. Petrolina Solar

• Headquarters: Nicosia, Cyprus
• Website: https://petrolinasolar.com.cy/en/
• Details: Petrolina Solar is a key player in the solar energy sector, offering comprehensive solar panel installation and related services. As part of the Petrolina Group, the company leverages extensive industry experience to deliver high-quality solar solutions for residential, commercial, and industrial applications.

5. Fabsolar

• Headquarters: Nicosia, Cyprus
• Website: https://www.fabsolarkibris.com/
• Details: Founded in 2015, Fabsolar focuses on the installation of solar photovoltaic systems with an emphasis on innovative and efficient technologies. Fabsolar’s services encompass system design, installation, and maintenance, with a commitment to delivering high-performance solar energy systems.

6. Trikkis Energy

• Headquarters: Larnaca, Cyprus
• Website: trikkisenergy.com 
• Details: Trikkis Energy provides an extensive array of solar energy services, including design, installation, and maintenance. Trikkis Energy serves both residential and commercial clients, aiming to enhance energy efficiency and sustainability.

7. Green Energy

• Headquarters: Limassol, Cyprus
• Website: https://greenenergy.com.cy/
• Details: Green Energy offers a wide range of solar energy solutions, including installation, maintenance, and energy efficiency consulting. The company is promoting renewable energy comprehensive services that address both residential and commercial needs.