Solar power increased to 263 GW in th EU shutterstock

Solar power increased to 263 GW in th EU

Katerina Belousova

Solar capacity growth expected to decline from 40% to 11% in 2024

A new report by SolarPower Europe, the European photovoltaic sector association, showed that in 2023, the capacity of solar power plants in the EU increased by 55.9 GW, or 263 GW.

In 2023, for the third year in a row, the annual growth of solar capacity reached at least 40%, according to SolarPower Europe.

The report emphasized that currently, electricity for 17 million European families is generated by SPPs.

It is noted that the TOP 5 countries in terms of solar capacity growth rates include:

  • Germany – installed 14.1 GW in 2023;
  • Spain – 8.2 GW;
  • Italy – 4.8 GW;
  • Poland – 4.6 GW;
  • The Netherlands – 4.1 GW.

solarpowereurope.org

"Solar power continues to power Europe through the crisis, setting record numbers. Now that solar energy has reached its tipping point, Europe must rise to the challenges ahead. We are not yet installing the average 70 GW annually needed to meet our targets by 2030. It is clear that policymakers cannot afford to relax until the end of the decade," said SolarPower Europe CEO Walburga Hemetsberger.

Solar capacity growth is expected to slow to just 11% in 2024.

The report highlighted that the EU rooftop solar market will grow by 54% compared to 2022, especially among commercial and industrial customers. However, the market share of utility installations decreased by 6% (19 GW from 16 GW in 2022) due to a number of reasons:

  • protracted auctions;
  • higher tariffs for connecting to the electricity grid;
  • inflation;
  • problems with obtaining permits and connecting to the power grid.

Earlier, EcoPolitic wrote, that Rystad Energy's report showed that EU countries have solar panels with a total capacity of 40 GW, which is equivalent to the installed capacity in the block in 2022.

As EcoPolitic previously reported, according to the US government, in 2024, solar generation will produce more than 318 billion kWh of electricity, and hydropower – 284 billion kWh, i.e., for the first time, annual solar generation will exceed hydropower.

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