South Korea increases support for renewable energy

South Korea has increased its support forsolar energy, and owners can receive a subsidy of up to 90% of the installation cost.

According to a report from South Korea’s “Nucis” News on March 28, the Ministry of Trade, Industry and Energy said on the 28th that in order to expand the popularity of renewable energy and support related industries, it will provide long-term low-interest loans.

The scale of support this time reached 561 billion won (approximately 500 million US dollars), an increase of 25% year-on-year. Among them, 320.5 billion won will be used for rural photovoltaic construction, and agricultural water reservoir photovoltaics have also been added as support objects. 150 billion won will be invested in solar photovoltaic system construction in the industrial park, and construction will be done on idle land such as roofs, warehouses, and parking lots. Owners can receive a subsidy of up to 90% of the installation cost. The city center photovoltaic construction budget is 20 billion yuan.

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