China set new prices for solar power-derived electricity on Monday in order to boost the growth of its solar photovoltaics (PV) sector.
Power grid operators will be required to pay solar energy producers 1.15 yuan (0.18 U.S. dollars) per kilowatt-hour (kwh), according to a notice posted on the National Development and Reform Commission (NDRC)'s website.
The notice also stated that the prices only apply to solar power project that were approved before July 1. Electricity generated by projects that were approved after July 1 will be priced at 1 yuan per kwh, according to the notice.
However, power provided by projects in southwest China's Tibet Autonomous Region will also be priced at 1.15 yuan per kwh, even if the projects were approved after July 1, the notice said.