Bank of Cyprus, supportive of measures to protect the environment and of the use of renewable energy sources and energy-saving actions, is now offering an “Electricity self-production” Scheme to those businesses wishing to install photovoltaic (PV) systems on their premises to be used for self-produced energy.
The Scheme is in line with the provisions of the “Self Production” scheme of the Cyprus Energy Regulatory Authority (CERA)
The Scheme aims to help businesses to generate their own electricity covering a large part of the energy required in their operations. By installing a photovoltaic system, a business can generate a large part of the electricity it requires, thus saving on the costs it would have incurred had it instead purchased the electricity.
The Scheme provides that repayment of the loan is based on the amount saved through self-production of electricity.
As always, the Bank aims to provide loans that are within the financial capabilities of each businesses, so as not to unduly burden a business’s cash flow.
- Fixed Term Loan geared at legal entities.
- The amount and duration of the loan will be according to the electrical power approved for installation at the business. The maximum duration will be 10 years.
Terms and Conditions
- A permit must be secured from CERA for the installation of a PV system
- The customer must contribute at least 30% of the total cost of the PV system
- The system must be insured against damage/theft and assigned for the benefit of the Bank
- System warranty from the supplier covering the period at least until loan maturity
- Applicants must put up adequate collateral for the loan
- Applicants must obtain at least two independent offers regarding the project to be undertaken by the business
Pricing - bank fees
- Pricing will range from 5% to 6%, depending on the collateral and the customer’s financial status
- Normal banking fees apply
For a detailed description of the Scheme’s rules and regulations, you may contact any Bank of Cyprus branch.
The Bank reserves the right to reject any application and to withdraw any scheme at any time. Interest rates and loan instalments may be modified by the creditor from time to time.