Brazilian solar market could reach $3B with new incentives

Brazil recently approved changes in its renewable energy regulations that could spur a massive surge in solar power installations, according to Bloomberg.

Despite its sunny climate, Brazil installed on 4 megawatts of solar panels in 2011, compared to more than 7,500 megawatts from world-leading Germany.

However, Brazil has also offered little incentive to businesses and homeowners to invest in solar power, since they would only benefit from any energy they were able to use when it was generated.

Now the Brazilian government has addressed this issue, passing a new law that would implement net metering, where solar power can be fed back into the grid to counterbalance energy used at night. Unlike systems in the U.S., Brazil's system offers homeowners and businesses solar credits that can be used to pay for a fixed amount of electricity.

With the implementation of this new policy, Brazilian officials project that the country's solar market could reach as much as $3 billion within the next 20 years.

However, PV magazine reports that the utilities were also given a discount on taxes for any renewable energy carried through their transmission lines.

The outlook for solar power in Brazil can be found at PennEnergy's Research area.

Did You Like this Article? Get All the Energy Industry News Delivered to Your Inbox

Subscribe to an email newsletter today at no cost and receive the latest news and information.

 Subscribe Now

Whitepapers

Maximizing Operational Excellence

In a recent survey conducted by PennEnergy Research, 70% of surveyed energy industry professional...

Leveraging the Power of Information in the Energy Industry

Information Governance is about more than compliance. It’s about using your information to drive ...

Reduce Engineering Project Complexity

Engineering document management presents unique and complex challenges. A solution based in Enter...

Revolutionizing Asset Management in the Electric Power Industry

With the arrival of the Industrial Internet of Things, data is growing and becoming more accessib...

Latest PennEnergy Jobs

PennEnergy Oil & Gas Jobs