Financial Soultions: Germany set for record year in solar development.

PR Log (Press Release) – Nov 09, 2009 – Financial Soultions has learned that government data suggests that German power firms will during 2009 construct 66% more solar energy capacity, than during 2008, apparently a record amount.

New Energy Finance who are a UK based firm providing industry information and analysis regarding  clean energy, low carbon technologies and carbon markets, say almost 2.5GW of production potential could possibly be switched on this year while last years record stood at roughly 1GW lower.

In what is considered a conservative estimate, the firm said new installations during this year would increase the country’s total to 7.8GW, roughly comparable to 4 coal fired power stations.

Power generators are rushing to bring projects on line ahead of a December 31 deadline that will see consumer subsidies drop by 10%. The nation’s current policy is that renewable power is more costly, thereby financing new development in the sector and making new installations affect consumers directly. The new capacity in 2009 will sting consumers to the tune of $26 billion for the power beginning in 2010 over the next 20 years. More than 5 times what conventional power would cost.

As part of the EU, Germany is expanding its clean energy generation in a bid to slow climate change and to encourage industrial expansion in the nation while also meeting its Kyoto Protocol commitments and generating carbon offsets, Financial Soultions has learned.