The much-anticipated subsidy program launched by Germany’s state-owned KfW bank, aimed at incentivizing homeowners to charge electric vehicles with solar power, came to a sudden halt just one day after its inauguration. The abrupt stoppage was due to an overwhelming response from the public, depleting the allocated funds of 300 million euros ($317.01 million), as disclosed by the transport ministry.
Under this program, homeowners with electric cars were eligible for a subsidy of up to 10,200 euros. To qualify, they needed to install a photovoltaic system, power storage, and a charging station. The primary objective of the initiative was to facilitate a smoother transition to electric vehicles and simultaneously reduce the reliance on public charging infrastructure.
The astounding surge in applications, with a staggering 33,000 submissions within the first 24 hours of the program’s launch, caught authorities by surprise and quickly exhausted the budget. A spokesperson for KfW bank confirmed the depletion of funds and issued a plea to potential applicants, stating, “We ask all interested parties not to submit any further applications.”
Originally, the transport ministry had allocated 500 million euros for the program, but a significant portion, 200 million euros, was set aside for the following year, following a “first-come, first-served principle.” The swift depletion of this year’s funds highlights the strong appetite among German homeowners for eco-friendly and cost-effective solutions to power their electric vehicles.
This unexpected surge in demand underscores the growing popularity of electric vehicles in Germany and the urgent need for continued support and investment in sustainable transportation infrastructure.
