The Malta Resources Authority this afternoon launched a €21 million fund to assist families to invest in photovoltaic panels.

The fund, which is being financed completely by the EU, is targeted to help 8,400 families, funding helf the cost of the panels up to a maximum of €2,500.

Resources Minister George Pullicino explained that the maximum subsidy - which was €3,000 in previous schemes, had been reduced by €500 because the cost of panels had gone down and what used to cost €6,000, now cost €4,000.

He said that 6,000 families were assisted in past schemes to the tune of €15 million.

Families opting for the scheme will benefit from a feed-in tariff of 22c, guaranteed for six years when they feed electricity into the grid. This will bring down the payback period from seven to 5.5 years, the minister said.

He said that the scheme should be opened in the coming weeks.

He also said that the government had identified il-Qortin in Gozo and Maghtab in Malta for solar farms and studies were being undertaken.