Germany’s state-owned KfW bank has halted a new subsidy program for charging electric vehicles with solar power at home due to overwhelming demand. The program, which had a budget of 300 million euros for this year, offered homeowners with electric cars a subsidy of up to 10,200 euros for installing a photovoltaic system with power storage and a charging station. However, within 24 hours of its launch, the program received 33,000 applications, exhausting the funds. The transport ministry had allocated 500 million euros for the program, with 200 million euros reserved for next year.
Germany Halts Solar Charging Subsidy on High Demand
Germany’s state-owned KfW bank has been forced to halt a new subsidy program aimed at encouraging the use of solar power to charge electric vehicles at home. The program, which offered substantial subsidies to homeowners with electric cars, was launched with a budget of 300 million euros for this year. However, the program’s funds were exhausted within 24 hours due to an overwhelming response, with 33,000 applications flooding in. The transport ministry had allocated 500 million euros for the program, but only 200 million euros will be available next year.
Overwhelming Response Depletes Funds
The subsidy program, designed to boost the adoption of electric cars and reduce reliance on public charging stations, received an unprecedented number of applications within hours of its launch. The high demand quickly depleted the earmarked funds, forcing the KfW bank to halt the program. Homeowners who had hoped to take advantage of the subsidies are now being asked not to submit any further applications. The transport ministry had allocated a total of 500 million euros for the program, with 200 million euros set aside for next year.
The program offered homeowners with electric cars a subsidy of up to 10,200 euros for installing a photovoltaic system with power storage and a charging station. By incentivizing the use of solar power for charging, the program aimed to promote sustainable transportation and reduce carbon emissions. However, the unexpected surge in applications highlights the strong demand for such initiatives and the need for further investment in renewable energy infrastructure.