German developers added a record number of solar panels in the first 11 months of last year, more than double the quantity targeted by the government.
Solar installations rose 62 percent to about 7,274 megawatts from January through November, compared with about 4,502 megawatts a year earlier, according to data from federal grid regulator Bundesnetzagentur. The government had sought to limit capacity additions to a maximum of 3,500 megawatts.
Chancellor Angela Merkel has cut solar-power subsidies to reduce the burden on consumer electricity bills of Germany’s renewable-energy expansion. Still, the above-market tariffs remain at levels that allow developers to profit, while component prices have continued to drop amid an oversupply.