Japan 's Ministry of Economy, Trade and Industry suggested Monday that a rate-setting panel reduce, from April, the price of solar power that regional utilities buy under a feed-in tariff law.

It cited falling costs of solar power generation systems while mooting the cut at the panel that decides electricity rates.

The ministry also suggested keeping rates for wind, geothermal and other renewable power at current levels, as there has been no evidence of falling costs, according to a report presented at the panel.

The feed-in tariff law, which took effect in July 2012, requires all regional utilities to buy electricity from renewable sources at designated prices and for specified durations.

This has led to an investment boom in solar farms across Japan , but not in higher investment in other renewable energy projects, mainly due to fewer regulations for building solar farms.

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