Thailand Pours $6 Billion into Rooftop Solar to Curb Energy Price Volatility
Thailand's government is launching an ambitious plan to install 5 gigawatts of rooftop solar panels on 1 million households within a year, aiming to shield citizens from soaring energy prices driven by global events. The move is financed by a 200 billion baht ($6.01 billion) energy transition emergency fund.
The government's decision comes as Thailand buys half its liquefied natural gas (LNG) on the spot market, making it vulnerable to price shocks. Energy Minister Akanat Promphan said that using rooftop solar is 'about the energy transition, because otherwise we'll be subjected to what's happening in the Middle East forever.'
The 5 GW target will be included in Thailand's long-term power development plan, and if achieved, it would more than double the country's small-scale solar capacity. The government plans to provide financial support of 50,000 baht ($1,500) per household along with loans for the installation.