Taiwan’s Ministry of Economic Affairs has increased its solar PV development targets, which if successfully met will make the 23 million people island nation one of the most successful photovoltaic energy regions in Asia.
Taiwan’s Ministry of Economic affairs has increased the country’s solar PV installation target for 2014 from 572 MW to 607 MW, according to EnergyTrend, a division of the Taiwan-based global market research group TrendForce.
The changes, drafted by the ministry’s Bureau of Energy, are included in an amendment to Taiwans renewable energy development target law.
The ministry likewise raised the installation target for 2015 to 847 MW, while the target for 2030 is set at 6.2 GW.
Successfully meeting the new targets, EnergyTrend estimates, will require funding of TWD 21 billion (US$690 million) and TWD 24 billion ($790 million) for 2014 and 2015 respectively, assuming a solar PV system installation price of $3.30 per watt.
In total, EnergyTrend reports, the successful implementation of the new targets will require more than TWD 1 trillion ($33 billion).
However, the Taiwanese research group says, since about 90% of solar PV systems installed in Taiwan use local products, this investment will mostly help Taiwanese manufacturers.
The Bureau of Energy has also upgraded the targets for wind energy, and predicts by 2030 renewable energy in Taiwan will represent 25% and 11% of total grid installation and total power generation, respectively.