South Korea to allocate $185 million for renewables rebates in 2023


South Korea’s Ministry of Trade, Industry and Energy (MOTIE) has allocated KRW 244.7 billion ($185.5 million) for its rebate scheme for rooftop PV systems and other small renewable energy systems. The ministry started to accept applications from homeowners and businesses on April 3.

The MOTIE said its rebates for BIPV systems have been raised from 13.4% to 15%. However, it has reduced its rebates for conventional rooftop PV systems from 50% to 47%.

About KRW 48.9 billion of the total budget will be earmarked for detached and multi-unit houses, while KRW 61.1 billion will be assigned to commercial buildings. Another KRW 140.0 billion will be allocated for projects that combine two different renewable energy technologies.

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News Directory3, a South Korean news outlet, has reported that the MOTIE allocated a total budget of KRW 319.2 billion for the program in 2022. South Korea plans to install 30.8 GW of solar by 2030. According to the latest figures from the International Renewable Energy Agency (IRENA), it reached 20.9 GW of cumulative installed PV capacity at the end of 2022.

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