According to renewable energy industry experts, private citizens with no association to a particular company can set up solar panels on their property with the help of contractors, and generate profits by selling the energy they produce to the Korea Electric Power Corporation (KEPCO). (Image: Kobiz Media)
SEOUL, May 23 (Korea Bizwire) – As concerns over fine dust problems are seeing the newly formed Moon administration act swiftly to improve air quality, including closing down aging coal-fired power plants, eco-friendly solar energy businesses are attracting attention as a new private business model.
According to renewable energy industry experts, private citizens with no association to a particular company can set up solar panels on their property with the help of contractors, and generate profits by selling the energy they produce to the Korea Electric Power Corporation (KEPCO).
Another way for private solar energy business owners to make a return on their investment is to sell solar renewable energy certificates to electricity generators who are required to meet a specified amount of renewable energy production each year.
Under a renewable portfolio standard that was introduced in the country in 2012, power companies that produce upwards of 500 MW of electricity are subject to fines if they fail to uphold the energy requirement.
Last November, the government introduced a scheme that has fixed the price of renewable energy for the next 20 years, guaranteeing stable profits.
Amid growing public interest in renewable energy, solar cell manufacturer Hanwha Q CELLS was among the first to see an opportunity in the market when it became a business-to-consumer solar equipment solutions provider last year.
Previously, Hanwha Q CELLS focused on larger-scale solar energy projects and the business-to-business market.
The South Korean solar panel maker has been accelerating its efforts to popularize solar energy in the country, as it attended a number of conferences in recent months including this year’s Seoul Money Show earlier in May.
Under a renewable portfolio standard that was introduced in the country in 2012, power companies that produce upwards of 500 MW of electricity are subject to fines if they fail to uphold the energy requirement. (Image: Hanwah Q CELLS)
As the fine dust problem is emerging as one of the major challenges facing South Korea, public interest in renewable energy business models is expected to grow.
“Since a new government was voted in, we expect private solar power plants to spring up in South Korea just like they already have in many developed countries. We aim to build 400 to 500 private solar electric systems this year,” an official at Hanwah Q CELLS said.
Ashley Song (ashley@koreabizwire.com)
