China’s government says it will pay up to 70 percent of the price of new solar power systems in an effort to speed development of clean energy industries.
The Finance Ministry’s announcement Tuesday comes as Beijing tries to reduce China’s surging demand for imported oil and gas and create companies that cash in on growing global demand for clean energy technology.
The subsidies are meant to develop the solar industry as a new source of Chinese economic growth, the ministry said.
The Finance Ministry said that over the next two to three years it will pay up to 50 percent of the price of solar power systems of more than 500 megawatts — comparable to a coal-fired power plant. It said the government will pay up to 70 percent of the cost in remote areas.
See also “Analysts See Little Upside from China Solar Subsidies” from Barrons’ Tech Trader Daily blog.