SEOUL: In South Korea where an aging population, climate change and economic hardship are putting pressure on rural communities, the government is implementing a program that aims to bolster agriculture and speed up the transition to renewable energy.
President Lee Jae Myung’s administration aims to create more than 500 so-called Sunshine Income Villages by the end of the year and 2,500 by 2030.
Under the scheme, farmers are given loans for up to 90 percent of the cost to install solar panels on their land. For the first five years after installation they have to pay back only the interest on the loan, with the principal added to the repayments after that.
Any proceeds from the sale of surplus energy go directly to the residents.
The villages of Guyang-ri in Gyeonggi province and Songam-ri in Gangwon province are touted by the government as early examples of the project’s success.
