Gyeonggi Province has completed the selection of leasing companies for its “Residential Solar Power Support Project” to promote RE100 communities and will recruit participating residents through to December 31.

The Gyeonggi Residential Solar Power Support Project allows single-family homeowners who wish to install solar power systems on their homes to do so, with Gyeonggi Province covering 50% of the equipment and installation costs. As the central government budget for the project was reduced this year, the project will be implemented by using the remaining provincial budget for matching funds.

Gyeonggi Province covers 50 percent of the leasing fee (KRW 2.98 million) while the homeowner pays the other 50 percent (a lump sum of KRW 895,000 and about KRW 24,000 per month for seven years, depending on the contract with the company). After seven years, the homeowner owns the system.

According to Gyeonggi Province, the monthly cost can be offset by the reduced electricity bill. For example, if a Gyeonggi resident installs a 3kW solar power system and uses 400 kilowatt-hours of electricity per month, their electricity bill will drop from KRW 84,270 to KRW 15,190, a savings of KRW 69,080.

Gyeonggi Province has reduced the upfront costs for Gyeonggi residents by offering a lump-sum payment and installment plan. The lump sum and monthly installments can be negotiated between the company and the consumer.

For this project, Gyeonggi Province selected a total of five companies, including Greensolar Energy, N-Lighton, Taeung NS, Haezum, and CIT Energy, as supporting companies by evaluating their management status and business plans after announcing company recruitment last month.

Gyeonggi residents applying for this project can check the leasing terms and conditions of each company through the Gyeonggi Energy Conversion website (www.ggenergy.or.kr), and then sign a contract with a company. After signing the contract, residents can apply for the “Residential Solar Power Support Project” through the Gyeonggi Energy Conversion website by December 31. After a review of the related documents, system installation will be carried out by May next year.

“With the additional residential support project, Gyeonggi residents can reduce their electricity bills and promote RE100 communities in response to the climate crisis,” said Kim Yeon-ji, Director of the Energy Industry Division of Gyeonggi Province.