Grid connected household systems or else the net-metering project in Cyprus allows consumers and local authorities to generate up to 3kW of electricity using solar panel technology and to deliver the generated electricity to the local distribution facilities. The power generated by the consumer is then be used to offset energy provided to them by the electricity authority during the applicable billing period. The net metering project includes a monthly roll over of kWh credits, a small monthly connection fee, as well as monthly payments of electricity bill deficits and annual settlement of any residual credits.
In simple words, whilst you are not at home using electricity, you will be generating energy all day. Meanwhile your solar system is idle at night time when you mostly use energy to power lights and TV’s. All of this energy can be stored in a battery but they have a short life span and are also costly and inefficient. A better option is net-metering which allows you to send your extra power back to the grid. This electricity is banked for future use to offset the conventional electricity you would otherwise pay for. At the end of every billing cycle (which is every two months), if your electricity production exceeds your usage, then the extra credit will be transferred to the next billing cycle. In this way you can credit your electric bill for all winter and to take advantage of it in the summer when you need to consume more energy.
Following an initial investment, we guarantee that you will make up to 30.000 euros. You will only pay for the system components, installation, study and application fees at the initial stage. The PV panels can produce in average around 500 kWh per month which in monetary terms equals to more than 120 euros.
The data below show the electricity consumption for an average house located in Nicosia. As it is shown in the table, the solar PV technology has generated almost €1500 for a period of one year. For the months of July to October, the power generation is greater than consumption and the credits are transferred to the next billing period. A fixed fee of €28 is charged every month for the EAC services.
The net-metering solar PV system of 3kW capacity is going to cost less than €6000 for the whole project. Saving up to €1500 per year means that the return of investment is around 4 years.
All values in the table are in Euros (€)