Germany's ruling coalition has agreed solar subsidy cuts that are aimed at containing the rapid expansion of photovoltaic solar technology and the associated costs of subsidizing it, a person familiar with the matter said Monday.
Germany
's
ruling coalition has agreed solar subsidy cuts that are aimed at containing the
rapid expansion of photovoltaic solar technology and the associated costs of
subsidizing it, a person familiar with the matter said Monday.
On top of previously announced one-off cuts of up to 40%--depending on the
power production capacity of solar facilities--the coalition parties have
agreed that the scheduled subsidy reduction should be 29% at the most.
The maximum scheduled subsidy reduction would come into force if newly
installed solar power production capacity were to amount to 7.5 gigawatt or
more.
The minimum scheduled reduction in financial support for solar facilities would
be 15% if new installations were to total 3.5 gigawatt, the person said.
The person added that the lower house of parliament is expected to approve the
solar subsidy cuts Thursday. The upper house of parliament is expected to vote
on the matter in the middle of May, the person added.
Germany
promotes solar energy through feed-in rates that guarantee minimum prices for
the electricity they generate. Effectively, electricity consumers are paying
for subsidizing renewable energies.
Power produced by solar facilities covered only around 3% of
Germany
's
total electricity production in 2011, but it receives by far the biggest chunk
of the multi-billion euro subsidies in annual renewable energy sources.
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