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Korea gov’t to double household solar power subsidies, extend contract with suppliers

Collected: 2016.12.01

Distributed: 2016.12.02

Source: Go Direct

The South Korean government will double subsidy for households installing solar panels and extend contract with solar energy providers from current 12 to 20 years as a part of efforts to promote development and consumer use of clean renewable energy, said the Ministry of Trade, Industry and Energy on Wednesday.

Under the set of measures that will take effect from next year after public hearing, government subsidy for household solar panel purchases will be upped from current 25 percent to 50 percent of the total cost. Subsidies for the cost of installing small-sized panels onto the apartment’s veranda or rooftops will increase from the current 50 percent of cost to 75 percent. The existing subsidy eligibility limited to less than 450kWh per month in power consumption will be lifted to make the subsidy benefit available to all households using solar power.

The ministry said the expanded subsidy aims to increase the number of households with solar panels from 240,000 to 700,000, and the number of schools from 1,000 to 3,400 by 2020.

At the same time, the ministry will introduce a fixed price system and extend the contract period from 12 years to 20 years in order to ensure stable profits for renewable energy producers. The government anticipates large companies like Samsung and Posco as well as private equity funds will be more drawn into the renewable energy business when stable profits are guaranteed.

The latest measures come amid concerns that improvement in progressive electricity rates applied to households could encourage them to rely on conventional energy sources, while weakening profitability of solar power business.

By Ko Jae-man

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