For several years now, Japan has been on the solar map, being one of the leading manufacturers of solar panels and in the top 5 ranking for countries with the most solar PV installed.
Since the Fukushima accident, Japan has been looking to solar even more in order to replace nuclear generation, which accounted for 30% of its total energy generation before the March 2011 disaster that prompted the closure of all but two of the nation’s nuclear reactors.
The Japanese government began offering incentives last year through feed-in tariffs to encourage investments in renewable energy sources, especially solar. Now the government will also be offering low-interest loans to companies that install rooftop solar power systems.
The Ministry of Economy, Trade, and Industry will provide the low-interest loans to companies that borrow residential rooftop space for solar power generation.
Bloomberg recently report that “the ministry will make the credit available through government financial institutions such as the Development Bank of Japan.”
Under the agreement, “companies will sell electricity generated from solar panels set up on homeowners’ rooftop spaces, while homeowners will receive 10,000 yen ($97, €75) to 20,000 yen ($195, €150) a year for renting out the roof space.”
Japan’s solar potential is growing at an exponential rate and could make it one of the leading countries in solar growth by the end of the year, putting it ahead of Germany, China, and the United States.