South Korea Allocates Huge Amounts for Renewable Energy Subsidies in 2023

South Korea allocated $185 million for renewable energy subsidies in 2023

According to foreign media reports, the South Korean Ministry of Trade, Industry, and Energy (MOTIE) recently stated that it has allocated 244.7 billion Korean won (185.5 million US dollars) for subsidy programs for rooftop photovoltaic systems and other small renewable energy systems. The South Korean Ministry of Construction and Transportation plans to accept applications from owners and enterprises starting from April 3rd.

The South Korean Ministry of Trade, Industry, and Energy (MOTIE) stated that its subsidy rate for building integrated photovoltaic systems (BIPV) has increased from 13.4% to 15%, but the subsidy rate for traditional rooftop photovoltaic systems has decreased from 50% to 47%.

According to News Directory3, the South Korean news media, the Ministry of Industry, Commerce, and Resources allocated a budget of 319.2 billion won for the project in 2022. South Korea plans to install a total of 30.8GW of photovoltaic systems by 2030. According to the latest data released by the International Renewable Energy Agency (IRENA), by the end of 2022, the cumulative installed capacity of photovoltaic systems in South Korea will reach 20.9GW.

More and more countries are paying attention to renewable energy. Subsidies and policy support for renewable energy are provided through various means. To encourage individuals and businesses to use more new energy. In this situation, the development of new energy industries such as photovoltaic will be very rapid. Nowadays, BIPV applications are becoming increasingly widespread. In the future, photovoltaic systems may be combined with AI to create more intelligent and convenient solutions.