Japan could become the words second largest solar economy.While Europe is pulling back from subsidizing its generous solar efforts such as a reduction in the FIT (Feed-In-Tariff) in the UK, Japan is set to offer three times what power typically costs to those who can use solar to generate their own electricity. This is great news for the global production of solar panels, with the result that there might be a spur in the production of solar panels leading to a boost of around $9 billion in new solar installations. This could see Japan move away from its “riskier ways” of generating power such a nuclear.
The expected uptake is likely to be huge with many companies and individuals keen to take advantage of the generous scheme which will turn roof-top’s shiny as thousands of homeowners and businesses install solar power systems and generate money from themselves and the businesses.
Only China will “out install” Japan in terms of solar capacity growth as it overtakes Italy and Germany. One firm (New Energy Finance) thinks this will lead to a boom in production from Sharp and Kyocera – two of Japan’s largest solar panel manufacturer. Of course being in Asia, it is likely that many panels will be sourced from China, however home manufacturers will begin ramping up production.