The Korean government pushed ahead various policies to disseminate photovoltaic (PV), wind power, small hydro, bio-fuel, etc. Renewable energy system (RES) budget of the Korean government increased from 118 billion won of 2003 to 876.6 billion won of 2010. The R&D budgetary supports for RES increased by 6.8 times in the period 2003-2010. It is necessary to confirm RES budget expenditure that renewable energy promotion policy makes good performance evaluated in quantity level. This paper made Input-Output Table 2009 contains photovoltaic power generation equipment industry as a dependent sector and analyzed induced production effect by demand of photovoltaic power generation equipment industry. From the empirical analysis result, additional demand in photovoltaic power generation equipment induced 1.932 times of induced production in Korea. Each of industry sector has positive induced production from the additional demand in photovoltaic power generation equipment. Renewable energy promotion in photovoltaic power generation is considered together with industry policy as the option to sustain economic growth.