Renewable energy measures launched. Energy saving incentives fall short
“WWF-Hong Kong has recommended the introduction of a feed-in tariff for years. We welcome today’s announcement, but the specific payment rate needs to be set at the introductory rate of around $4.00 per kilowatt hour for solar panels to properly incentivize consumers and businesses to invest in decarbonizing Hong Kong”, said Mr Vaze.
The rate of $4 per kilo watt hour paid for 20 years would ensure that anyone with access to a roof-top would want to install solar panels. This is the same introductory rate that kick started solar installation in Macau, Germany and the UK.
However, the agreement disappoints on other measures:
- To provide adequate funding to encourage building owners to fund energy saving investment.
- To provide grants rather than loans to retro-fit commercial and residential buildings with energy efficient equipment to save energy and reduce greenhouse gas emissions.
- To set minimum levels of achievement for power companies to install energy efficiency measures and to impose a penalty if they fail to achieve their energy savings targets.