The South Korean government will install solar power generators at about 2,000 elementary and secondary schools nationwide in a way to help the education sector earn extra income and bolster the local renewable energy business, the trade ministry said Thursday.

A special purpose firm by the Korea Electric Power Corp. will invest 400 billion won ($342.3 million) by next year in a project to help some 2,000 schools install 100 kilowatt-solar panels on their rooftops, according to the Ministry of Trade, Industry and Energy.

It said the schools will run the facilities for 20 years and earn some 5 million won every year by selling power to the special purpose company. They can then use the money to pay for their utility bills.

The operator will resell the electricity generated from the school panels to KEPCO and reach the break-even point after 10 to 15 years, the ministry said.

"We brought together the education sector, public energy firms and solar panel manufacturers to participate in the project, using idle space and offering new business opportunities," said Kim Yong-rae, director general for energy industry policy at the trade ministry. "The public sector makes a start on the business that is highly costly to pave the way for renewable energy firms to enter the market." (Yonhap)