Release Date: 06-Oct-2012
Japan was leading the solar world in the early 2000s and has started its determined efforts to regain that position. A recently published report “Japan Solar Power Sector Analysis” by KuicK research explains how the country that has negligible fossil fuel reserves, enough to meet less than 20% of its domestic energy needs, and is the world’s largest fossil fuel importer is now developing its solar power to suffice its energy needs. Japan had moved to nuclear power for electricity generation but with the Fukushima incident in March 2011, the country has had to shut down all its nuclear power plants. Since then, an unprecedented power crisis has been looming over Japan but the government has found the answers to its woes in solar power. It has started developing the country’s solar potential at a faster pace than ever to augment the aversion of the power shortage.
In 2011 alone, the country was able to add more than 1 GW of solar power which has brought its total capacity to around 5 GW. The installed capacity has increased at a compounded annual growth rate of 32% since 1992, the year when solar power in Japan was commercially produced. Solar power is proving to be pivotal in meeting the country’s current energy needs and in shaping its future energy requirements. The Japanese government has set a target for solar capacity to reach 14 GW by 2015 and 53 GW by 2050. To achieve these ambitious goals, it has set favorable policies that will attract investors to the sector.
The government has implemented a new feed in tariff structure for renewable sources of energy in which solar has been given the highest tariff of JPY 42/ kWh. In fact, this is the highest solar power tariff in the world and has been set to encourage the masses to develop solar power in the country. Subsidies are also being provided on solar power equipment and other policies are also being implemented to hasten the solar development.
The report details the investments that have been put by the government through various programs. A whopping JPY 163 Billion was invested in 2011 by the government and a total investment of JPY 1,304 Billion is expected in 2012 by the government and the private sector. After the implementation of the new feed in tariff, the private sector has announced major plans for development of mega solar farms and plants. The Japanese companies are the world leaders in solar module and cell manufacturing and now their products and expertise will be diverted to domestic solar development.
The “Japan Solar Power Sector Analysis” research report gives comprehensive overview of the solar power development in Japan while delving deep into the factors responsible for the extraordinary growth. Based on the huge data analysis it shows how the country has made plans to develop this abundant resource. The report is an exhaustive text which highlights the solar sector amidst the other renewable sources, growing fossil fuel imports and fading popularity of nuclear power, which have all worked towards making solar power the future fuel for Japan.
For more information please visit: “Japan Solar Power Sector Analysis”