NEW YORK (Dow Jones)--Shares of solar companies soared Thursday after the Chinese Ministry of Finance said on its Web site that it will offer a subsidy for solar energy.

The subsidy will provide RMB20 ($2.93) per watt for projects over 50 kilowatts, according to analysts. Raymond James analyst Pavel Molchanov said the subsidy is comparable to what California is paying as part of its solar-rebate program.

Analysts called the subsidy generous and some estimated it could cover more than half the cost of a solar panel.

In recent trading, Suntech Power Holdings Co. Ltd. (STP) soared 47% to $11.50, and Yingli Green Energy Holding Co. Ltd. (YGE) rose 44% to $5.98. LDK Solar Co. Ltd. (LDK) jumped 40% to $8.25, and Trina Solar Ltd. (TSL) rose 46% to $12.65. China Sunergy Co. Ltd. (CSUN) climbed 34% to $3.35, and JA Solar Holdings Co. Ltd. (JASO) gained 43% to $3.79.