Invest KOREA

According to Pulse by Maeil Business News Korea,

South Korean government is investing 400 billion won ($342 million) to install rooftop solar panels at about 2,000 elementary, middle, and high schools throughout the country in a bid to expand use of renewable energy industry. The schools will also be able to generate profits by renting out their rooftops for solar power generators.

The Ministry of Trade, Industry and Energy on Thursday unveiled its project plan for installing solar panels on school rooftops at the ceremony held at Sudo Electric Technical High School in southern Seoul celebrating the appointment of the first school to adopt the state’s solar power project.

According to the project plan, seven state-run companies - Korea Electric Power Corp., Korea Hydro & Nuclear Power Co., Korea South-East Power Co., Korea East-West Power Co., Korea Western Power Co., Korea Midland Power Co., and Korea Southern Power Co.- will establish a special purpose company. The company will lead the solar power rooftop project by installing 100-kilowatt solar power systems at selected schools throughout the country by next year, and manage them for the next 20 years. Also, it will generate revenue by selling the electricity produced from the rooftop solar panels and renewable energy certificate earned from running the solar power system.

The schools adopting the rooftop solar panels will receive 4 million won every year in return for lending their rooftops, and will be able to use the rooftop solar power system site as a renewable energy learning center for students. Since schools on average spend around 40 million won in electric bills a year, they will be able to cut down their electric charges by 10 percent when they install the solar panels.

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Source: Pulse by Maeil Business News Korea (Jun. 16, 2016)