The German state-owned bank KfW said September 27 that it had paused its day-old subsidy program dedicated to charging EVs with solar power from residential homes after the plan’s funds were exhausted almost immediately due to high demand levels.
The program, which was given a $317 million budget by the transportation ministry for 2023, received almost 33,000 applications in the 24 hours after it was launched, according to Reuters. With an offer of a subsidy of up to $10,714 for each home participating in the initiative, the funds ran out less than a day after the program began.
A spokesperson for KfW said the organization has asked all interested parties “not to submit any further applications.”
The German transport ministry had earmarked over $525 million for the program to be allocated in 2023 and 2024. Over $210 million has been reserved for 2024 as part of the plan’s “first-come, first serve” agenda.
BSW, Germany’s solar power association, said that it wasn’t surprised the funds were quickly exhausted due to the booming demand for residential energy creation and wallboxes that are used to charge EVs. One in six German citizens are planning to install solar panels on their homes, according to market data and a survey from YouGov. Of those planning to install solar panels, 42% said they would also spring for wallboxes to charge their EVs.
Source: https://www.supplychainbrain.com/articles/38173-germany-pauses-ev-charging-subsidy-program
