Last year, the new installation capacity of solar power for business purposes exceeded approximately 3 gigawatts (GW). It recovered to the 3 GW level after three years.
The Ministry of Trade, Industry and Energy noted on the 31st that the new installation capacity of solar power for business purposes recorded about 3.16 GW last year. The new installation capacity of solar power for business purposes decreased from 3.9 GW in 2021 to 2.7 GW in 2022, but has shown an increasing trend again with 2.9 GW recorded in 2023.
According to the ministry, the installation of solar power on factory sites has particularly increased. Solar power installed on factory sites reached approximately 809 megawatts (MW), marking a 64% increase compared to the previous year and recording the highest level ever.
The ministry analyzed that last year’s announcement of the 'Activation Plan for Solar Power in Industrial Complexes, relatively good grid and community acceptance, falling solar module prices, and rising prices for renewable energy certificates (RECs) improved investment conditions for solar power and supported the increase in deployment.
By region, Jeonnam (542 MW), Gyeongbuk (538 MW), Chungnam (521 MW), and Gyeonggi (370 MW) were identified as major deployment areas. In particular, the deployment levels in Gyeongbuk and Gyeonggi increased by 49% and 108%, respectively, compared to the previous year.
By land use, the deployment in order was factory land (809 MW), rice paddies (596 MW), and fields (419 MW).
Jeong Gyeong-rok, the director of renewable energy policy, said, 'This year, we will continue to discover excellent solar power locations in industrial complexes and parking lots, establish standard models for agricultural solar power, and work to secure solar power sites and improve related regulations through cooperation with relevant ministries.'