In 2007, Spain created a FiT program that led to the installation of 2,661 megawatts during 2008. This was a 400% increase over the previous year’s installations, and Spain overtook Germany, the leader in the solar market, in annual installations during 2008.
This extreme market growth and the economic crisis caused Spain to revise its FiT program by cutting tariffs, capping the program, and establishing a burdensome registration process. Only 5 mega-watts were installed during the first eight months of 2009, and between 15,000 and 20,000 jobs were lost.
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