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China to cut solar, wind power prices as project costs fall

China will spend less on its newly-minted solar and wind power generators by cutting tariffs next year.

Photo: Mainstream Renewable Power

China is reducing the amount of money it pays to newly completed solar and wind power generators for their electricity, in order to reflect declines in construction costs, the country's price regulator and economic planner said Monday.

The nation will cut tariffs paid to solar farms by as much as 19 percent in 2017 from this year's levels, and by as much as 15 percent for wind mills in 2018 from current prices, according to a statement posted on the National Development and Reform Commission's website. The changes will help reduce subsidies paid to new photovoltaic and wind power projects by about 6 billion yuan (USD 863 million) annually, the NDRC said.

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