Japan is poised to overtake Italy and become the world’s second-biggest market for solar power, as incentives starting July 1 propel sales. It could eventually top Germany, which holds the No. 1 spot.
Industry Minister Yukio Edano on Monday set a price for solar electricity that is about triple what industrial users now pay for conventional power. That may drive at least $9.6 billion in new installations with 3.2 gigawatts of capacity, Bloomberg New Energy Finance forecast. That is about equal to the output of three atomic reactors.
“The tariff is very attractive,” said Mina Sekiguchi, associate partner and head of energy and infrastructure at KPMG in Japan. “The rate reflects the government’s intention to set up many solar power stations very quickly.”
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