COVID-19 has had a profound impact on businesses around the world. With the traditional energy sector struggling for survival, all eyes seem to be on renewables. Italy, in particular, has taken a strong stance to promote the installation of residential solar PV panels during this time.
As part of its $60 billion Relaunch Decree, the nation has upped its tax rebate on renovations from 65% to 110%, and PV installation and storage from 50% to 110%. This change comes at the heels of the Italian government’s efforts to rebuild their economy while keeping sustainability a top concern as well.
The Eco-bonus applies to three types of renovations. These include: building insulation projects, replacement of cooling & heating systems in apartment buildings, and the same replacement for single-family homes.
Moreover, projects that don’t meet exact specifications can still reap the 50% rebate that is currently in place. The guidelines detail a number of ways homeowners can apply for the rebate. These options have been put in place keeping in mind their financial situation amid the pandemic.
While the project runs from June 2020 till Dec 2021, experts are already suggesting an extension of this timeline.
Onwards and Upwards for Solar PV
Known as the country of sunshine, Italy has made remarkable strides in the renewable energy industry, specifically for solar power. In 2018, it added 437MW of solar capacity, growing the total market by 7%. This is only second to Germany – the leader in solar PV across Europe.
Within this growth, 390 MWs were rooftop solar projects, hence taking the biggest chunk of the pie. The co-relation between increase in PV installation, and income distribution across the nation is quite interesting. The report indicates wealthier regions in the northern parts of the country have invested the most in rooftop solar PV.
Lombardy, Veneto and Emilia-Romanga make it to the top 3 regions contributing to a spike in recent demand. At this rate, Italy is in a great spot to meet its solar capacity target of 50GW by 2030.