Yeongcheon-si Provides Up to 48 Million KRW Additional Support for SMEs Installing Solar Panels

Yeongcheon City Hall exterior view.

[Asia Economy Yeongnam Reporting Headquarters Reporter Choi Jae-ho] Yeongcheon City, Gyeongbuk Province (Mayor Choi Ki-moon) announced on the 19th that it will implement the Green Factory project, providing up to 48 million KRW in support to small and medium-sized enterprises installing solar panels on factory buildings.

This project is only available to companies selected for the support project by the Korea Energy Agency under the Ministry of Trade, Industry and Energy. In addition to the Energy Agency subsidizing 50% of installation costs (up to 163 million KRW), Yeongcheon City will additionally support 15% of the installation costs (up to 48 million KRW) through this new project.

In line with the Korean New Deal policy, the city explained that this project aims to induce corporate structural transformation into low-carbon and eco-friendly companies. Companies can reduce electricity costs and achieve carbon neutrality, thereby strengthening competitiveness through sustainable management.

The application period is until May 14. Compared to last year, the supported capacity has been expanded from 50 kW to 200 kW. The project announcement can be found in the notices section on the Korea Energy Agency Renewable Energy Center website.

Mayor Choi Ki-moon of Yeongcheon said, "It is expected that reducing energy costs for local small and medium-sized enterprises struggling due to COVID-19 will help alleviate management difficulties," and added, "Yeongcheon City will lead the Green New Deal in the post-COVID-19 era and continue to discover various tangible corporate fostering policies."

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