Start of Renewable Energy Loan Applications...Reducing 'Imya Solar Power' and Expanding 'Buildings'

[Asia Economy Reporter Kim Bo-kyung] The Ministry of Trade, Industry and Energy announced that it will begin accepting loan applications for this year's renewable energy financial support project starting from the 28th. The support fund has increased by 25 billion KRW compared to the previous year, totaling 262 billion KRW.

This project aims to foster related industries and promote renewable energy by providing long-term low-interest loans to companies producing renewable energy products and power generation operators.

Among the financial support projects, the rural-type solar loan system has been improved by reflecting previously pointed out issues and suggestions.

First, 'forest land' has been excluded from the loan support targets. This is to enhance the safety of mountain solar power and prevent indiscriminate forest damage. However, loans will be provided this year only to those who obtained electricity business permits and met loan requirements by last year.

While reducing the budget for forest land solar power, support for building solar power will increase. To efficiently utilize national land space, the budget for building solar power loans will be expanded. Applicants can receive priority support with the highest loan rate (up to 90%) for up to 500 kW per person (1,500 kW per cooperative), which is higher than other land categories.

Following the implementation of the module minimum efficiency system in January this year, solar power loans will be available only if modules with an efficiency of 17.5% or higher are installed. This aims to prevent the distribution of low-cost, low-quality modules and improve the efficiency of land use.

Loans for joint-type solar power projects, such as cooperatives formed by farmers, will be expanded to support up to 1,500 kW per cooperative at the highest loan rate.

It is expected that conflicts over power plant locations will decrease as village residents share power generation profits through joint projects, and that elderly individuals, who may find solar power projects somewhat challenging, will be able to participate in the projects.

In addition, support for renewable energy sources such as wind power and fuel cells will be expanded to secure energy source diversity, and efforts will be made to foster the industry by improving loan requirements for new renewable energy companies.

The Ministry of Trade, Industry and Energy plans to announce this year's renewable energy financial support plan on its website from the 28th and accept loan applications until funds are exhausted.

This content was produced with the assistance of AI translation services.