Financing the Renovation of the Cypriot Building Stock: An Assessment of the Energy Saving Potential of Different Policy Scenarios Based on the Invert/EE-Lab Model

Despite various government policies promoting energy efficiency in buildings over the last 15 years, Cyprus is still associated with a large untapped energy efficiency potential in this sector. The impact of different policy scenarios on future energy needs of the building sector in Cyprus is explored by first reviewing the current status of the building stock in Cyprus and existing national landscape of energy efficiency policies. Various new policies are then proposed to complement the existing framework and help exploit further the potential. Using the Invert/EE-Lab model, three policy scenarios extending to 2050 are assessed with the aim to estimate the energy efficiency potential of the Cypriot building sector and identify policy solutions to harness this potential. The energy consumed for heating, cooling, hot water, and lighting in the entire Cypriot building stock is expected to drop by up to 16% in 2050 compared to the baseline scenario. Under the most ambitious scenario, nearly 60% of the building stock in 2050 will be energy efficient, consuming less than half of the energy used by the average building stock in 2012. Taking into account the modelling results, recommendations on how to improve the financial landscape in buildings until 2050 are presented.

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