BERLIN - Germany's state-owned KfW bank on Wednesday said it had halted a new subsidy programme for charging electric vehicles with solar power at home a day after its launch as the fundsBERLIN - Germany's state-owned KfW bank on Wednesday said it had halted a new subsidy programme for charging electric vehicles with solar power at home a day after its launch as the funds were exhausted immediately due to high demand.
With a budget of 300 million euros from the transport ministry for this year, the programme offers a subsidy of up to 10,200 euros for homeowners with electric cars for installing a photovoltaic system with power storage and a charging station. The programme is aimed at boosting the switch to electric cars and reducing the need for public charging stations.
Around 33,000 applications submitted within 24 hours of its launch resulted meant that the earmarked funds had been exhausted, a spokesperson for KfW bank told Reuters.The transport ministry had allocated some 500 million euros for the programme, but 200 million euros were reserved for next year under a"first-come, first-served principle".