Brazil's Resolution No. 70 passed on July 16 will abolish import tariffs on commodities including a variety of solar modules,solar inverters and solar trackers. This measure taken by the Foreign Chamber of Commerce in the Ministry of Economic Affairs lists 101 tax-free solar modules and some three-phase inverters and trackers. This law will come into effect on August 1st.

According to the World Energy Statistics 2019 report previously released by BP, in recent years, the use of renewable energy in Brazil has made up for the decline in the country's primary energy consumption such as oil, coal, and natural gas.

In 2018, Brazil's renewable energy accounted for 39% of energy consumption. Among them, the solar energy market is growing exponentially. A total of 3.3 GW of new projects were deployed throughout the year, an increase of 44% over 2018.

At the same time, according to a recent survey report released by the Brazilian Association of Small and Medium Enterprises (SEBRAE), 83.9% of Brazilian small and medium-sized enterprises that have installed solar power systems have their electricity bills lower than before.

At the same time, due to the substantial drop in the installation cost of solar power systems, the company's investment recovery period has been reduced from the previous 8 years to 4-6 years now. Under this circumstance, 60% of Brazilian SMEs plan to invest in renewable energy power systems, and 47.5% of enterprises believe that solar power is the best option.

BP predicts that in the future, Brazil's energy structure will continue to transform to renewable energy. By 2040, Brazil's renewable energy power generation will account for nearly 50% of all energy consumption.

Under the forecast that the market prospects continue to improve, more and more overseas companies have or are willing to enter the Brazilian solar market. Statistics show that in 2019, a total of 97 renewable energy projects in Latin America received overseas direct investment, with an investment scale of US$17.8 billion, setting a new record.

Bluesun has participated in the construction of the 500kw Solar System Rooftop Project in Rio de Janeiro, Brazil.

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