Japan embracing solar isn’t just good news for that country – it will have positive flow on effects around the world.
In the wake of the Fukushima nuclear disaster, Japan began turning its attention away from nuclear and towards renewables, going so far as to shut all its nuclear energy based electricity generation facilities down.
While Japan’s prime minister recently ordered two nuclear reactors to be switched back online, it is also launching a very generous program to support the uptake of renewable energy.
Industry Minister Yukio Edano has set the price paid to solar power system owners for electricity at a level that should drive at least $9.6 billion investment in 3.2 gigawatts of solar PV capacity according to Bloomberg New Energy Finance.
Utilities will pay 42 yen (AUD 52.4 cents) a kilowatt-hour for 20 years to owners of solar power systems. New Energy Finance says while Japan ranked sixth globally in terms of new PV installations last year, 2013 will see between 3.2 to 4.7 gigawatts constructed – enough to supply clean (and safe) power for up to a million Japanese households.
Bloomberg predicts Japan will leapfrog past Germany and Italy in solar PV capacity growth, with only China ahead of it
Japan’s solar industry is understandably ecstatic regarding the news. Increased uptake will not only see solar companies profit, but increased investment leads to increased research and development, along with competition – driving innovation and pushing prices of solar panels, solar inverters and related equipment down.
Regarding the Fukushima disaster, the operator of the affected nuclear power plants is still struggling with the situation. According to a report posted on FukushimaUpdate, Tokyo Electric Power Company says a new method has failed to locate radioactive water leaking from one of the reactors, a critical step needed to be completed on the path towards decommissioning.
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