"In Russia the main incentives that the state offers to support small-scale generation of electric power from renewable sources focus on the development of domestic technologies in this area, primarily solar and wind power as well as on increasing the role of green energy in the economy as a whole," Analytical Center expert Alexander Amiragyan said on RBC-TV.
Installing Solar Power Plants on Individual Homes can Pay Back within 15–20 Years
It is expected that as people get the opportunity to sell excess power that produce locally from renewable sources to the grid, demand for equipment for renewable power generation manufactured in Russia will go up, the expert said.
"At the moment projects involving the installation of solar power generation equipment on private houses can pay back within 15–20 years depending on the configuration of the power plant and its location and that's a very long time," Mr. Amiragyan said." However, we're already seeing a trend towards lower-cost, more efficient solar panels, which should eventually reduce the payback period for individual solar power plants and drive public interest in them."
The expert also noted that the main reasons for the long payback periods have to do with the high cost of solar panels and lower electricity rates in Russia as compared with the developed countries.