Gyeonggi-do Provides 'Climate Crisis Financial Support' to Private Solar Power Installation Companies

AI-generated expected image of private solar panel installation

Gyeonggi Province will expand the scope of its ‘Gyeonggi Province Small and Medium Enterprise Climate Crisis Response Special Guarantee’ financial support, launched last March, to include self-consumption solar power systems.

On the 27th, Gyeonggi Province announced that it will also provide special guarantee support to companies installing self-consumption solar power systems that consume the electricity produced directly at factories without selling it.

The Gyeonggi Province Climate Crisis Response Special Guarantee, launched last March, allows small and medium enterprises to receive up to 500 million KRW and small business owners up to 100 million KRW with 100% loan guarantees from the Gyeonggi Credit Guarantee Foundation, along with an additional 2.0%p annual interest reduction.

The support targets small and medium enterprises such as solar power companies, energy efficiency participating companies, single-use product substitute manufacturers, and climate tech companies. Small business owners and cooperatives can also qualify if they are climate crisis response operators.

This year, Gyeonggi Province has raised 100 billion KRW in loan funds to launch the ‘Gyeonggi Province Small and Medium Enterprise Climate Crisis Response Special Guarantee’ product and is providing 50 billion KRW in loan guarantees for companies involved in solar power installation, manufacturing, and management.

Cha Seong-su, Director of the Gyeonggi Province Climate Environment and Energy Bureau, stated, "Since there are various business models for solar power installation, it is necessary to respond to diverse business models," adding, "We will continue to strive to contribute to the expansion of solar power distribution."