The additional funds will will be used for improving building efficiencies and developing fuel cell and hydrogen storage technologies.
The German Renewable Energy Federation (BEE) and the Renewable Energies Agency study forecast that the country will produce renewable energy three-fold over the coming decade.
The report also says that by 2020, wind, solar, biomass, water and geothermal energy will be 47% of the country’s electricity demand.
The predictable growth in renewables capacity could lead to the creation of 250,000 more jobs in the sector, taking the total to half a million by 2020.
Germany is keeping hopes on renewables to enable the present government’s commitment to phase out nuclear power over the next 15 years, a move that is being fought by the industry.
