Japan heading for solar power boom

Tokyo: Japan is poised to overtake Germany and Italy to become the world?s second-biggest market for solar power as incentives starting on July 1 drive sales for equipment makers from Yingli Green Energy to Kyocera.

Industry minister Yukio Edano set yesterday a premium price for solar electricity that?s about triple what industrial users now pay for conventional power. That may spur at least $9.6 billion in new installations with 3.2 gigawatts of capacity, Bloomberg New Energy Finance forecast.

?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.?

Japanese Prime Minister Yoshihiko Noda?s effort to cut dependence on atomic energy that provided about 30 per cent of Japan?s power before the Fukushima nuclear meltdown in 2011 will help a solar industry suffering incentive cuts across Europe. It?s also raising concern among Japanese business groups that clean power aid will raise bills and slow Japan?s economic recovery.

Japan ranked sixth worldwide by new installations last year, when it added 1.3 gigawatts of solar to bring its installed base to 5 gigawatts. Next year builders will erect triple that level, or another 3.2 to 4.7 gigawatts.

, New Energy Finance forecasts. A gigawatt is enough to supply about 243,000 homes in Japan.

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