ECONOMY

AC subsidy program ends on Saturday

A government program subsidizing the cost of replacing old air-conditioning units winds up on Saturday with the response to the scheme being well above expectations, the Development Ministry announced yesterday. The program, under which the government chips in with up to 500 euros for each old air conditioner turned in, resulted in 131,504 cooler units being recycled, beating the initially targeted figure of 45,000. ‘The energy that will be saved is estimated at 49.56 gigawatts per year when the original estimate was for 16.96 gigawatts per year,’ the ministry said in a statement. As a result, the cost of the program has shot up to 43.6 million euros versus the initial 15-million-euro budget.