A government panel Monday recommended that Japan's Minister of Economy, Trade and Industry Toshimitsu Motegi cuts rates for solar power that regional utilities buy from projects approved by the government after April 1, as costs of panels and other equipment have fallen.

The proposed new rate for big solar power plants would be Y37.8 per kilowatt-hour, compared with Y42/KwH until March 31, provided the government accepts the recommendation, METI said in a statement.

Japan 's ETI will decide on the prices after about 10-days of public comments on the proposal.

The panel also recommended that METI maintains current tariffs for other renewable energy projects including wind and hydro-power.

Japan introduced a feed-in tariff law last year to promote the adoption of renewable energy. The law, which took effect in July last year, requires all regional utilities to buy electricity from renewable sources at designated prices and for specified durations.

The relatively high Y42/KwH rate has sparked an investment boom in solar farms across Japan .
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