Japan will raise the preferential rates for surplus solar power produced by businesses and schools by 67% from April 1, reports Bloomberg.
Utilities will pay ¥40 yen (US$0.48) per kWh, compared with the current rate of ¥24 yen (US$0.29) as the ministry of economy, trade and industry looks to promote non-residential installations of solar power.
The announcement also saw domestic tariffs for surplus solar power cut from ¥48 (US$0.58) to ¥42 (US$0.50), with the government citing falling installation costs. The changes were initially proposed by a Japanese trade ministry panel in February, which allowed a month for public consultation before approving the new tariffs.
The feed-in tariff (FiT) was launched in November 2009 to help Japan achieve its target of having renewable sources supply 10% of its energy requirements by 2020. In 2009, renewable accounted for 3% of the country’s energy production.
