The Armenian government will introduce a program to support the acquisition of electricity storage systems for solar power plant owners. The state will subsidize interest rates on loans and leasing agreements, said Minister of Economy Gevorg Papoyan. The mechanism will allow solar panel owners to store electricity generated during the day and use it at night.
The amount of support will depend on the financing method and currency. When purchasing storage systems on lease, the subsidy will be 10 percentage points for contracts in drams and 8 points for financing in foreign currency. If the equipment is purchased through a loan, the state will compensate 8 percentage points of the interest rate for loans in drams and 6 points for foreign currency loans.
The maximum subsidy period will be 84 months, or seven years. According to the authorities, the program should facilitate the acquisition of storage systems and increase the efficiency of solar energy use. Such systems allow storing part of the electricity produced during hours of high solar activity and consuming it later, reducing dependence on the generation time of solar panels.
