In the beginning of 2012, the South Korea government adopted the Renewable Portfolio Standard (RPS) policy. Due to falling prices of related equipment, firms have been participating eagerly. South Korea-based industry sources estimate that the PV system installation goal of 220MW was 70% achieved.
South Korea has set new/renewable energy development target for 2013. The percentage of electricity generated from new/renewable energy sources will reach 2.5% and new installations will reach 230MW for 2013. By 2016, the annual new installations target is expected to reach 260MW.
In 2011, around 100,000 households in South Korea had solar PV system installations. If the commercialization rate continues, plus the development of new/renewable energy sources such as wind power, biomass, fuel cell, geothermal, hydro-electric and hydrogen, the target of having one million green households by 2020 is likely to be achieved, Digitimes Research believes.
