China promote solar systems

China, the world's top greenhouse gas polluter, is trying to catch up in a global race to find alternatives to fossil fuels, blamed for carbon emissions affecting the planet's climate.
Although China supplies half the world's solar panels, it contributes very little to demand as the cost of tapping solar energy to generate electricity remains steep and investors find little economic sense in pursuing solar projects in China where incentives are few.

China's government said in March it will offer to pay 20 yuan ($2.90) per watt of solar systems fixed to roofs and which have a capacity of more than 50 kilowatt peak (kwp).

The subsidy, which could cover half the cost of installing the system, was popular among developers, attracting applications equivalent to the building of 1 gigawatt of solar power.
One GW, or 1 billion watts, is enough electricity to power a million homes.
Source:Reuters