South Korea plans to increase LED light penetration rate to 60% by 2020

According to foreign media reports, South Korea plans to increase the proportion of LED lighting equipment use to 60% by the end of 2020. If the plan is implemented successfully, it is expected to save seven or eight fossil fuel power plants with a capacity of 500,000 kilowatts. The electricity generated will also create a business opportunity of 1 trillion won for Korea.

According to the plan, the Korean government will spend 200 billion won ($185 million) in 2012 and 2013 to replace the office lighting of state-owned businesses and government agencies with LED lights. It is expected that all public lighting equipment will be adopted by 2020. LED bulbs, meanwhile, the government also plans to replace street lights into LED lights in the next few years.

In addition, in order to encourage private enterprises to follow up, the Korean government will provide subsidies for small stores and traditional markets, and give private companies up to 30% tax breaks. The government will allocate up to 100 billion won as the budget for the state subsidy program by the end of 2015.