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.

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