According to the latest data released by the Chinese government, among the 400 million families in China, 30 million of them have their own roofs. If every family invest 30-50 thousand RMB to install a solar system of 3-5 KW, China’s home solar market can be as high as 1500-2500 billion RMB. So far, the penetration rate of home solar system has not even exceeded 0.2%, which means a huge market gap. As for the gold mine of China’s home solar market, it is said to be in the rural area.
Retirees With Home Solar System to Benefit From Government Subsidies
With China’s older population exceeding 220 million by 2015, it has become a national concern to support this colossal number of retirees, especially in some less developed rural areas where retirees can only draw a very small sum of money from their pension every month, or even didn’t join the national pension scheme. However, to boost solar power development, the Chinese government introduces 20-year PV subsidy policy, which means that for every kilowatt-hour of electricity produced by a distributed PV power system, the owner of it will get a 0.42 yuan subsidy. Data shows that during 2015 in Zhejiang Province, over 20,000 rural residents have chosen this investment options.
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PV Poverty Alleviation Project
Last October, China’s National Energy Administration (NEA) released the first list of PV poverty alleviation projects which amount to 5.16 GW. Experts speculate that China’s PV installation in rural areas will experience a surge in 2017. According to the project plan, by 2020 over 3 million families in 35000 poverty-stricken villages will benefit from this project, each adding over 3000 yuan to their annual income.
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The boom of China’s PV market is inevitable in that the Chinese government has set a 100 million KW installed capacity target for 2020. If you don’t want to miss out on this unprecedented business opportunity, please register for the 9th Guangzhou International Solar Photovoltaic Exhibition 2017 (PV Guangzhou 2017), a leading trade platform for global PV insiders!