Extra subsidies for solar photovoltaic renewable energy for self-consumption

MORE subsidies for solar photovoltaic renewable energy will be available from the Balearic government.
The Energy Transition and Productive Sectors regional ministry has added €500,000 to the €3 million the administration originally allocated to funding for promoting solar PV and micro-wind installations for self-consumption.
The archipelago’s administration said the move was a response to an increase in requests this year for the financial assistance from private individuals, non-profit entities and small and medium-sized businesses to somewhere in the regions of 2,000.
As it stand the government has approved 684 applications, which takes up the €3 million.
The idea is that with the extra cash allocation this figure will exceed 1,000.
The total investment in these projects will be €7.8 million.
According to the regional administration the more than 6 MW already expected to be installed will represent an eight per cent increase in renewable energy on the islands.
“This could mean an important financial saving, not only for those who install self-consumption systems, but also for the whole electricity system as the energy generated by self-consumption installations will not be produced in conventional power plants.
“The economic saving could reach €750,000, hence the public investment will be quickly recuperated”, a government statement points out.
With the subsidy extension there could be as much as 10 MW of new renewable energy installations, upping renewable power by 12 per cent and meaning a saving of €1 million.
Of the 684 applications already approved, 201 are from small and medium-sized businesses, communities of owners and non-profit entities and 683 from individuals.
The subsidy initiative establishes a maximum funding amount of 50 per cent of the total investment in the project for private individuals, communities of owners and non-profit entities and 30 per cent for businesses and business associations.
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