Gyeongbuk Province to Provide 80% Subsidy for Solar Power, Solar Thermal, and Geothermal Facilities This Year

Gyeongbuk Province will invest 56.9 billion KRW this year to reduce residents' living energy costs and foster local energy companies, providing up to 80% subsidies for renewable energy facilities such as solar power, solar heat, and geothermal energy, and 100% subsidies for welfare facilities (senior centers).

To this end, Gyeongbuk Province will carry out projects such as the Renewable Energy Convergence Support Public Contest Project, Renewable Energy Housing Project, and Renewable Energy Building Project this year.

Gyeongbuk Provincial Government Office.

First, 13 cities and counties in the province were selected for the ‘2024 Renewable Energy Convergence Support Public Contest Project’ to create carbon-neutral energy self-reliant villages, with a budget of 36.9 billion KRW invested in 3,960 locations including houses.

The renewable energy convergence support project allows various installations such as solar power, solar heat, and geothermal energy to be installed according to energy demand in a single house or building.

The target buildings include almost all buildings in the selected towns and villages, such as houses, commercial buildings, public institutions, and welfare facilities.

The Renewable Energy Convergence Support Public Contest Project is a nationwide local government contest project supported 80% by national and local funds, with building owners bearing only about 20%. It is more preferred by residents than the Renewable Energy Housing Support Project, which requires about 30% self-payment.

Since 2014, starting with Ulleung-gun, Gyeongbuk Province has invested about 200 billion KRW by 2023 to distribute solar power, solar heat, geothermal energy, etc., to about 21,000 locations including houses. This year, through public-private cooperation, it plans to actively participate with cities and counties in the 2025 national fund-supported contest project, including various resident profit-sharing projects, after procedures such as resident briefings and participation company contests and evaluations.

Second, the Renewable Energy Housing Support Project will invest a total of 12.5 billion KRW in 1,849 locations this year, with support amounts varying depending on the type and capacity of energy sources such as solar power, solar heat, and geothermal energy.

Once the local government support criteria are decided between February and March, applications for subsidies can be made to participating companies located in Gyeongbuk through the Korea Energy Agency, and local subsidies will be provided on a first-come, first-served basis until the budget of the respective city or county is exhausted.

Third, the Renewable Energy Building Support Project plans to distribute solar power and solar heat (hot water/heating) facilities to 341 welfare facilities (village halls) and small and medium-sized enterprises with an investment of 7.5 billion KRW this year. From 2012 to 2023, 1,982 locations were supplied.

Solar heat at village halls reduces annual fuel costs by about 2.6 million KRW based on kerosene boilers, and solar heat hot water agricultural product dryers reduce power consumption by about 81% compared to electric agricultural product dryers.

Kim Byung-gon, Director of the East Coast Strategic Industry Bureau of Gyeongbuk Province, said, “Our province has favorable geographical and environmental conditions for the distribution of renewable energy such as solar and wind power,” and added, “We will make our best efforts to secure national funds and systematically continue to expand various renewable energy distribution projects that share profits with residents.”

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