May 24 (Bloomberg) -- The installation of new photovoltaic panels in Germany, the world’s biggest solar power producer, likely peaked last year, Deutsche Bank AG said.
German developers probably will plug in 3.5 gigawatts of new solar generators each year over this decade compared with 7.4 gigawatts in 2010, the bank said in a research report published on its website.
“We expect that the rate of growth will slow from the hyperbolic 2008-2010 period, but that Germany is still set to remain one of the dominant solar energy markets for at least the next 10 years,” Deutsche Bank’s Global Head of Climate Change Mark Fulton wrote in the report. “Growth in 2010 likely represented the peak.”
German officials are reducing subsidies for solar power as they press manufacturers to cut the cost of harnessing energy from the sun. Photovoltaic power may supply more than 7 percent of the country’s electricity by 2020 as Chancellor Angela Merkel looks to phase out nuclear generators.
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