Incheon City Expands Solar Power This Year... Low-Interest Loans Support for Industrial Complex Tenants

Thatched Roof Type Solar Power Generation
Photo by Incheon City

[Asia Economy Reporter Park Hyesook] Incheon City announced on the 16th that it will significantly expand the distribution of solar power generation across the private, public, and industrial sectors this year.

To this end, the city plans to actively participate in national government-funded projects and explore citizens' demand for solar power generation, considering additional budget allocations through funds and supplementary budgets.

The support targets for private solar power generation will be expanded from existing single-family and multi-family homes to general buildings, including religious facilities and apartment security offices.

In the public sector, by supporting citizens to lease public property and operate solar power projects (sunlight power plants), the city aims to increase citizens' income and improve awareness of renewable energy.

Additionally, the city plans to actively participate in projects that provide national government funding for installing solar power generation facilities owned and managed by public institutions.

Along with this, the city will promote the transition to renewable energy by expanding the distribution of solar power generation in industrial complexes with high energy consumption.

To achieve this, among the approximately 11,000 companies located in 13 industrial complexes within the region, those that install solar power facilities will be supported with low-interest loans at a fixed interest rate of 1.8%, up to a maximum of 340 million KRW.

An official from Incheon City stated, "Since last May, we have established a plan to expand the distribution of renewable energy and are promoting renewable energy transition projects focusing on hydrogen, wind, and solar power," adding, "While expanding solar power projects this year, we will base our efforts on environmental protection and restrict any projects that damage natural landscapes."