Solar energy saved Europe 3 billion euros - By the end of the year, the total could reach over 67.5 billion euros
Solar power is helping to save Europe from the high costs of importing fossil fuels, while the war against Iran is driving up oil and gas prices.
A new analysis by SolarPower Europe reveals that harnessing sunlight for energy has saved Europe more than €100 million per day since March 1, resulting in total savings of more than €3 billion. If gas prices remain high, experts say the total savings by 2026 could reach up to €67.5 billion.
The report argues that solar capacity is already providing a “major buffer” against the energy shock that would come after the war. According to analysts, solar power reduced the total cost of meeting the EU’s energy needs by almost a third. Despite this, for the first time in a decade, the EU solar market is starting to decline.
In this context, experts call on governments to create more flexible energy networks, deploy more energy storage and deepen electrification across the economy. The report notes that photovoltaic plants had saved the EU 20 billion euros by 2025 and are expected to save 5.3 billion euros between January and April this year.
Since 2019, Spain has doubled its wind and solar power capacity, adding more than 40 GW to its energy mix. To put this into perspective, a 1 GW power plant could power approximately 876,000 households for a year, if they consume an average of 10,000 kWh of electricity per year.
A report by Ember found that wind and solar power accounted for a record 30 percent of the EU's electricity, surpassing fossil fuels by just one percent.
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