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.
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.