Japan has taken a major step toward increasing its renewable energy generation by passing a bill to subsidize electricity sourced from renewable sources, Bloomberg reports.
According to Bloomberg, the bill has been passed by Japan's upper house, following passage by Japan's lower chamber on Aug. 23, and provides incentives that guarantee above-market rates for wind, solar and geothermal power.
Rates for renewable energy – excluding solar – will be as much as 20 yen per kilowatt-hour ($0.26/kWh) for about 15 years, according to the Bloomberg report.
The law will go into effect on July 1, 2012.
