BUSINESS

Energy subsidy program of €850 mln

CHRYSSA LIAGGOU

TAGS: Energy, Finance

The “Energy Savings at Home” subsidy program (known in Greek as “Exoikonomisi Kat’ Oikon”) has been renamed “Energy Savings and Automation for Smart Homes” and begins this fall with an initial budget of 850 million euros and an extended selection of energy efficiency solutions.

This program is the first in a government-funded initiative incentivizing energy efficient solutions, which also allows for the direct channelling of a €27 billion funding package recently secured by the government. The relevant ministries are hoping that this will act as a substitute stimulus during the current sub-standard climate for the tourism industry. 

According to an announcement by the Ministry of Environment and Energy the funds will be secured through the current and next year’s Partnership Agreement for the Development Framework (ESPA) as well as other community funds that might arise thus, allowing for the program to remain continuously open to subsidy requests. 

The aim of the program is the improvement of the energy efficiency of at least 60,000 Greek households per year through 2030. Considering how old and energy voracious the existing infrastructure is, this would completely change Greece’s overall energy requirements. The program will also introduce incentives on construction and materials, thus increasing both the financial and environmental benefits for households. 

The main goal of the program is the transition towards “smart homes.” These are homes that are both increasingly energy efficient and autonomous through the use of high-tech solutions. This will become possible by subsidizing more than the usual upgrades. The program will now include subsidies for smart energy management systems, energy generation systems via solar and/or wind power, electric vehicle charging stations, as well as energy storage solutions. Applicants will also be able to receive funding for smart sun-blind systems and thermostats. 

The ministry is expected to announce the details of the program soon.

For each subsidy there will be a pre- and-post-installation inspection by qualified engineers, who will be certified through a certificate of energy efficiency, thus ensuring the validity of each subsidy request.

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