ATHENS – In a bid to reduce electricity costs that have soared in the aftermath of Russia’s invasion of Ukraine, Greece will pay subsidies of 35-50 percent for households to replace old electrical appliances.

That includes the likes of air-conditioners, freezers and refrigerators and will cost the state some 150 million euros ($161.17 million) said Energy and Environment Minister Kostas Skrekas.

He told SKAI TV that along with the beneficiaries contributions that the cost for the whole scheme will be 300 million euros (($322.33 million) and will replace about 380,000 aging devices that aren’t cost-effective.

When the idea was announced in February he said that it will benefit the economy and could save households as much as 300 euros ($322.33) annually on electric bills – now also being subsidized by the state.

This will mean the country will need to produce about 209,000 megawatt-hours energy less per year, reducing carbon dioxide emissions by 126,000 tons annually, the ministry estimated.

Applications can be made starting in mid-June at a state website or at a retiler with the subsidy automatically computed on the basis of income, taking the form of a discount coupon. The old appliances will be recycled.

“Under difficult circumstances of steeply rising electricity prices due to the global energy crisis, we help households, besides the direct subsidies on electricity bills, to permanently reduce their energy costs by replace old, energy-consuming electrical appliances,” Skrekas said then.

“People eligible to take part will see their total energy costs go down nearly 40 million euros annually. The new program will also contribute to mitigating the energy crisis, as it will lead to a reduction of carbon dioxide emissions by 126,000 tons annually,” said Skrekas.