The Electricity Authority of Cyprus (EAC) is often mentioned in the news for all the wrong reasons. As part of the bailout program with the Troika, EAC may be privatized in the nearest future. Tales of mismanagement, inflated wages and none too enthusiastic employees fill the Cyprus press, thus the EAC has become synonymous with inefficiency. In contrast to Cyprus the UK energy market was deregulated 1990s with a flurry of takeovers and mergers that resulted in appearance of the big six energy suppliers competing for the business of UK households. 

Considering there are many different companies to choose from in the UK who have a huge population to sell to while the closed market in Cyprus offers only one energy supplier EAC, it would make sense that UK prices should be much cheaper than in Cyprus. But the reality is sure to surprise many of us. Let’ see how much does 700 kWh cost in December 2015 in the UK compared to Cyprus?

While bills are structured differently, 700 kwh are 700 kwh no matter how you want to tale it. We shall convert pound sterling into euro at present rate of 1.4 and use the total amount of the bills inclusive of VAT. The suppliers we use for our comparison are: SSE (Scottish and Southern Energy) and EAC (Electricity Authority Of Cyprus).

SSE vs EAC:

• 700 kwh Scottish and Southern Energy = 172.01 Euro 

• 700 Kwh Electricity Authority Of Cyprus =128.16 Euro 

This difference of 34% represents a remarkable saving for residents in Cyprus. And even at this lower price energy costs in Cyprus can be almost wiped out by adding photovoltaic (net metering) system for around 4.000 Euro. Unlike the UK, Cyprus is bathed in sunshine and return on investment is only taking a few of years. Even better news still is the Cypriot government’s recent announcement regarding the increased amount of panels you can add on net metering systems. This has been raised from 3kw to 5kw making these systems a MUST for property owners here in Cyprus.

And so, to water and sewage?  Although it’s a little more difficult to compare “like for like”, we can have a look at a decent size property in Edinburgh vs a detached villa in Paphos. In Cyprus water is metered for every property, while sewage and drainage is charged based on the 1980 values specified on the title deeds. An average good size villa is normally around 30,000 euro in 1980 prices.

• Sewage and Water costs in Edinburgh Council Tax band “G” are 971 euro per year.

• An average house with a swimming pool and 1980 property value of 30,000 euro has a sewage and drainage fee of 150 Euro and water bills around 300 euro per year. 

Total 450 euro 

Incredible and surprising results that Mediterranean island has more than two times cheaper water bills than rainy Edinburgh! Cheaper electricity costs when combined with extensive use of solar energy make Cyprus a compelling option for those considering a permanent home here, in the sun.  Considering Cyprus property prices are now at historic lows and our climate benefits the all-important 326 days of sunshine per year, treat yourself with a home in Cyprus. We welcome everyone from the dark, cold and wet Northern countries to join us here in sunny Cyprus.