Science

Austria approves subsidy budget of EUR 300M for green energy

Austria approves subsidy budget of EUR 300M for green energy
Ministry of Climate Protection & Environment, Austria, has recently given the go-ahead to an investment subsidy budget of EUR-300-million for green energy in 2022, which is said to be enough for adding 1 TWh of electricity.

Most of the investment subsidies, around EUR 240 million, will be used for installing new PV plants. The hydropower projects will be backed with EUR 35.4 million, while the wind and biomass power plants will be offered an investment subsidy adding up to EUR 4 million and EUR 6 million, respectively.

The window for the first two calls for submitting claims for subsidies opens on April 21. The application for solar plants for around 10 kWp with or without an energy storage system will be acknowledged until May 19. The overall subsidy budget for this category is planned at EUR 40 million.

The window for solar plants from 10 kWp to 1 MWp without or with storage, ends on June 2. A total of EUR 60 million in investment subsidies will be assigned for assets in this category.

More calls for the solar project are expected to be launched in August and October.

The budget approval is estimated to encourage the solar expansion in Austria as several projects were said to be put on hold unless the details related to the investment subsidies were made crystal clear.

PV Austria, the Solar energy association, welcomed the decision of quadrupling the investment subsidy budget and raising the subsidy rates.

The investment subsidy is said to be one of the two networks under the EAG (Renewable Energy Expansion Law) meant for promoting investment in Austria’s green energy,

The other tool is a feed-in-tariff that is paid for 20 years to offset the difference between production costs and shifting electricity prices on the market.

Source Credit - https://renewablesnow.com/news/austria-passes-eur-300m-subsidy-budget-for-green-energy-780126/

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