The closely watched Italian solar market is only slightly relieved by the announcement that Italy will extend its current solar incentives until the end of August.
Italy's regional governments had said previously that they would seek less severe cuts to state incentives for the solar power sector, which were due to end in June. The regional leaders also rejected draft proposals from the government after a meeting today.
Environment Minister Stefania Prestigiacomo said they had also asked for an extension of the current incentives, not until the end of August, but until the end of 2011. The three-month extension until the end of August is under discussion.
The Italian government instituted policies to promote solar in its country, which despite its abundant sunshine, has to import 87% of its electricity. Solar installations in Italy took off—growing from just 60MW installed in 2007 to nearly 2GW in 2010.
Feed-in tariffs were expected to be reduced in June, which many thought would curtail the expected 4GW installed in 2011. An extension through August may send the market soaring through the summer months, though uncertainty may follow.
Investing in the future of energy is in all our long-term interests but, for those with foresight, the monetary returns could occur sooner than you think.
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