KfW, Germany's federally owned banking group, is ramping up efforts to facilitate renewable energy development and energy efficiency by investing more than $130 billion over the next five years.
"With the decision to abandon nuclear power earlier this year, it was clear that the road ahead would be challenging," said Tobias Homann, photovoltaic industry expert at Germany Trade & Invest in Berlin. "But Germany is in a very promising position to be the first industrialized country to rely entirely on renewable energy."
With Germany looking to become almost completely reliant on renewable energy, these investments may persuade some businesses to relocate to the country.
The new loans from KfW will provide funding for research on things such as energy efficiency, smart grids and wind and solar energy.
Reuters reports renewable energy is giving suppressed areas in Germany good jobs and great promise.
Erwin Selling, premier of Mecklenburg-Vorpommern, told the news source renewable energy has become extremely valuable for his state and the jobs it is creating is stimulating the economy.