As Japan reels from the experience of living through the Fukushima disaster and public demand for a move away from nuclear energy to renewable energy grow , the environment in Japan could make it one of the fastest growing solar markets.
In June 2012 Industry Minister Yukio Edano approved Japan's feed-in tariffs for renewable energy. The tariffs are among the highest in the world. Utilities will pay solar energy firms around $0.5 per kilowatt-hour . This is about triple the standard industrial electricity price. The FIT will be funded through a rise in electricity prices. Japanese tariffs for solar PV are among the highest, if not the highest, in the world.Even if this drops as it is expected to do, the subsidy will still remain very attractive.
Parts of Minamisoma are around 10 kilometres from the Fukushima Daiichi nuclear power plant, and land there has been contaminated by radiation fallout.
Bloomberg New Energy Finance estimates that the Japanese market in solar PV alone could be worth nearly $10 billion. Bloomberg predicts that Japan will overtake Italy as the world's second largest market for solar PV. The largest market in the world is Germany.