Gyeonggi Province will invest an additional 3.4 billion KRW in the residential solar panel installation support project, which has been reduced due to government budget cuts.
As a result, although the scale of solar panel installations for single-family homes (including multi-family houses) in the province was at risk of decreasing due to the reduction in national funding, the support from Gyeonggi Province will slightly increase the installation scale compared to last year.
On the 3rd, Gyeonggi Province announced that it will support the installation of residential solar panels (3kW) for 2,679 single-family households (including multi-family houses) this year to promote carbon neutrality and expand renewable energy.
Gyeonggi Province will cover 50% of the total solar panel installation cost for these households. The remaining costs will be borne by the city/county at 20% and the homeowners at 30%, respectively.
For example, if a Gyeonggi resident installs a residential solar panel (3kW), they can install it at a cost of 1,597,000 KRW, which is about 30% of the total cost after deducting subsidies from Gyeonggi Province and the city/county.
The reason Gyeonggi Province expanded support for residential solar panel installation is that national funding has sharply decreased by 54% compared to last year.
Originally, the residential solar panel installation support was part of the "Korea Energy Agency Residential Support Project," which provides a provincial subsidy of 534,000 KRW, equivalent to 10% of the installation cost of 5,338,000 KRW, for homes that have completed the installation confirmation of residential solar panels (3kW).
Residents participating in this project also receive government subsidies (40%), city/county subsidies (20%), and provincial subsidies (10%), allowing them to install residential solar panels at a total cost of 1,597,000 KRW, which is 30% of the total installation cost.
The problem is that the reduction in national funding has decreased the number of eligible recipients. Last year, 2,535 households in the province received support for residential solar panels, but this year the number dropped by 55% to 1,412 households.
Kim Yeon-ji, Director of the Energy Industry Division of Gyeonggi Province, said, "Due to the government's budget cuts for the residential solar panel project, disruptions were expected in the support project, so we decided to inject additional provincial funds. We expect to support solar panel installations for 2,679 households this year, which is about 5.7% more than last year."
The Korea Energy Agency will accept applications for residential solar panel installation support from June 3 to November 29. Gyeonggi Province plans to accept applications for its residential solar panel installation support starting in May.
However, residents of four areas?Namyangju, Ansan, Gimpo, and Gwangju?who apply for residential solar panel installation through either the Korea Energy Agency or Gyeonggi Province will face an increased self-payment ratio of 50% due to the lack of city/county subsidies.
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