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China's Finance Ministry Unveils US $2.93 Solar PV Incentive

The Chinese government said this week that it would provide new incentives for solar photovoltaic (PV) projects, further opening up this rapidly-growing energy market to the solar industry.

The Chinese Finance Ministry will provide ¥20 [US $2.93] per watt for projects of 50-kilowatts and above. The move could potentially kick-start the PV industry in China, which up until this point has been almost non-existent. While many solar manufacturers are based in the country, there has been little domestic demand for their products.

Solar stocks rallied on Wall Street today because of the announcement. Suntech Power saw its stock climb 49 percent, while Yingli Green Energy was up 47 percent and JA Solar got a boost of 34 percent.

The solar hot water and wind industries are booming in China. Many analysts believe it is only a matter of time before the PV industry takes off as well. Based upon today's stock performances, it seems Wall Street agrees.

Check back with RenewableEnergyWorld.com in the coming days for more on the new subsidy levels in China and what it could mean for renewable energy projects.

Visit our Finance section to find out how all of your solar and other renewable energy stocks performed this week.

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