The Greek Parliament has passed an austerity package which includes a tax on existing solar power plants.
According to recent reports, the tax which will be between 25% and 35% is aimed at helping the country reduce its deficit. which is currently running at 165.3 percent of GDP. A report from Bloomberg says the tax will include all solar power plants larger than 10kW during two years.
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In its proposed state, the tax will affect solar plants connected to the grid between 2007 and 2011, which will result in revenue cut by around 25%. The revenue from solar plants connected from January to August 2012 will drop by 35%. Further, projects permitted during this time will be taxed by 29% to 35% and need to be connected by mid-March.
Bloomberg noted that Greece is just one of several countries that has recently raised taxes on the solar industry. It joins Spain, the Czech Republic and Bulgaria.