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Revised payment scheme announced for new renewable energy projects

July 04, Colombo (LNW): Power and Energy Minister Kanchana Wijesekera has announced a revised payment system for new rooftop solar panels and other renewable energy projects, effective from July 01.

The new scheme applies only to projects commencing from July 01, while the payment method for projects initiated before this date remains unchanged.

Under the revised system, the 20-year fixed tariff for rooftop solar panel projects will be Rs.27.06 per unit for installations up to 500 kilowatts and Rs.23.18 per unit for those exceeding 500 kilowatts.

Ground-mounted solar panel projects will have a fixed tariff of Rs.25.48 per unit for 20 years.

Small hydro power plants will receive Rs.30.53 per unit, wind power projects will be compensated at Rs.29.86 per unit, and biomass power generation projects will be paid Rs.52.77 per unit.

A payment system for renewable energy projects below 10 megawatts, including rooftop solar panels, was initially implemented in 2022, considering factors such as exchange rates, bank interest rates, and other economic variables.

According to a spokesperson from the Ceylon Electricity Board (CEB), the tariff system introduced in 2022 has been reviewed in light of current economic challenges based on recommendations from stakeholders, consultants, and the charging committee.

An official from the Electricity Board indicated that the new system will result in some reductions in payments for renewable energy projects, including those involving solar panels, starting after July 1.

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