Funds already exhausted: KfW stops solar funding program for electric cars

Funds already exhausted
KfW stops solar support program for electric cars

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The federal government is offering up to 10,200 euros in funding for homeowners who want to fuel their electric cars with their own solar power. There are many of them: the KfW portal temporarily collapses under the onslaught of interested parties. Anyone who wasn’t quick enough will have to wait until next year.

After just a single day, the state-owned KfW bank stopped the new funding program for charging electric cars with solar power. “Due to the enormous interest and high demand for the ‘Solar power for electric cars’ funding program, the budget funds of 300 million euros granted by the Federal Ministry for Digital and Transport for 2023 have unfortunately been exhausted,” KfW said upon request.

A total of around 33,000 applications were approved – despite technical delays due to the high demand. In the first three hours of the application launch alone, there was a run of over 100,000 visitors, KfW said in the evening. “We ask all interested parties not to submit any further applications,” said a KfW spokesman that night. As soon as additional budget funds become available, information will be provided.

Next year there will be money again

The Ministry of Transport had actually provided 500 million euros for the funding program, but 200 million euros were intended for 2024. When distributing the money, the so-called first-come, first-served principle applies, so that those interested who submit an application first get the chance. This explains the run on the program.

Federal Transport Minister Volker Wissing spoke of an “overwhelming response”. The funding program “obviously hits the right nerve with the population,” said the FDP politician. Charging at your own home reduces the need for public charging, relieves pressure on the power grid and enables citizens to save on energy costs.

The funding program is aimed at owners of owner-occupied residential buildings who own an electric car or who have ordered an electric car at the time of application. Applicants can receive a government subsidy of up to 10,200 euros for the purchase and connection of charging stations, photovoltaic systems and solar power storage systems. Charging in your own building is intended to reduce the need for publicly accessible charging points for electric cars. A special feature: You only receive the maximum claim with an “innovation bonus” if you are prepared for the electric car not only to be charged, but also to be able to supply electricity to the grid when required. The battery can thus serve as a small part of a reserve.

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