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Law 2364/95 This law was implemented in 1995 and also established the Board for Energy Planning and Control (BEPC). It provides tax exemptions to households buying renewable equipment such as solar water heaters. The legislation allows up to 75% of the purchase value to be deducted from an individual's taxable income. The exact percentage of deduction corresponds to the proportion of ownership for legal entities and 75% or 100% is amortized from profits over a period of years. It has been estimated that this benefit can yield a real reduction in installation costs of up to 30%. The legislation incorporates one of the most direct incentives for the development of renewable energy technologies to date. National Operational Program for Competitiveness Measure 2.1 of the subprogram of the NOPC/CSF III (2000-2006) is devoted to providing grants to private investments in renewables, the rational use of energy and small-scale (< 50 MW) co-generation. € 505 million of the total budget of the program is provided for renewable applications. The main provisions concerning renewable energy investments include 30% of investment costs for conventional solar thermal units and 40% for high-tech solar thermal units. The eligible investment costs vary by technology but the level of the subsidy is independent of the geographical region. The minimum own capital required is 30% of the total investment cost. The minimum investment cost required is € 44,000 and the maximum investment cost to be subsidized is € 44 million. Law 3299/2004 - New Development Law The "New Development Law" foresees the financing of 30-40% of the initial investment of renewable energy installations depending on the part of the country where the investment is made. It alternatively gives a 100% tax exemption for the cost of the new installation. |
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