BERLIN -- Germany's state-owned KfW bank on Wednesday said it had halted a new subsidy program for charging electric vehicles with solar power at home a day after its launch as the funds were exhausted immediately due to high demand.
With a budget of 300 million euros ($317.01 million) from the transport ministry for this year, the program offers a subsidy of up to 10,200 euros for homeowners with electric cars for installing a photovoltaic system with power storage and a charging station.
The program is aimed at boosting the switch to electric cars and reducing the need for public charging stations.
About 33,000 applications submitted within 24 hours of its launch meant that the earmarked funds had been exhausted, a spokesperson for KfW bank told Reuters.
"We ask all interested parties not to submit any further applications," the spokesperson said.
The transport ministry had allocated some 500 million euros for the program, but 200 million euros were reserved for next year under a "first-come, first-served principle."
