The state-owned KfW Bank stopped the new funding program for charging electric cars with solar power after just a single day. Within hours, the funds granted by the federal government amounting to 300 million euros were exhausted.
Funding stopped shortly after the program started: After a big rush for the new funding program for charging electric cars with solar power, the funds have already been allocated.
“A total of around 33,000 applications were approved – despite technical delays,” said the state development bank KfW that night. The budget of 300 million euros granted by the Federal Ministry for Digital and Transport for 2023 has therefore been exhausted. As soon as additional budget funds become available, KfW would like to inform about this in its newsletter.
On Tuesday, the first day of the program, there had already been around 23,000 commitments with a volume of almost 200 million euros by 6 p.m., the ministry announced in the evening, citing KfW figures. The high demand temporarily caused the KfW customer portal to be overloaded.
Another 200 million euros next year
A total of 500 million euros is available for funding. The “first come, first served” principle applies: applications are accepted as long as there is still money in the pot. If the volume is exhausted, a funding stop will be imposed. This year the total volume was 300 million euros, and the ministry plans to provide a further 200 million euros next year.
The purchase and installation of a charging station for electric cars in combination with a photovoltaic system and a solar power storage system are supported. According to the ministry and KfW, as part of the “Solar Power for Electric Cars” program, there is an investment grant of up to 10,200 euros – for owners of owner-occupied residential buildings who own an electric car or who have ordered an electric car at the time of the application.
Wissing: “hit the nerve of the population”
Federal Transport Minister Volker Wissing (FDP) spoke of an “overwhelming response”. The funding program “obviously hits the nerve of the population.” Charging at your own home reduces the need for public charging, relieves pressure on the power grid and enables citizens to save on energy costs.
The maximum funding amount can therefore only be received by those who allow their vehicle’s battery to be discharged. The battery can thus serve as a small part of a reserve from which electricity can flow back into the network if necessary or can be used in your own home.