Law on the Promotion of Renewable Energy and Energy Efficiency
The law provides for the establishment of a fund that finances the premium tariff and other costs related to renewable electricity generation.It specifies that the Fund will be managed by a Committee consisting of representatives from the Ministry for Commerce, Industry, and Tourism; the Ministry of Economy; the Planning Bureau; and the Scientific Technical Chamber of Cyprus.
The Fund has its own budget, which is defined every year by the Committee and it depends on the approval of the Board set by the Ministry for Commerce, Industry, and Tourism and the House of Representatives. In addition, the law states that every electricity consumer has to pay a tax of €0.13/kWh to finance the Fund.
The definition of renewable energy according to this law includes non-fossil renewable energy sources such as wind, solar and geothermal energy, wave energy, tidal energy, hydropower, biomass and biogas.
The Fund has its own budget, which is defined every year by the Committee and it depends on the approval of the Board set by the Ministry for Commerce, Industry, and Tourism and the House of Representatives. In addition, the law states that every electricity consumer has to pay a tax of €0.13/kWh to finance the Fund.
The definition of renewable energy according to this law includes non-fossil renewable energy sources such as wind, solar and geothermal energy, wave energy, tidal energy, hydropower, biomass and biogas.
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