The events in the Middle East have prompted countries around the world to increase investments in renewable energy, and a new report from SolarPower Europe highlights just how much solar power is currently contributing to Europe’s savings.
Data shows that the EU’s existing solar capacity saved more than 110 million euros per day on gas imports between March 1 and 17, reducing the overall gas import bill by 32 percent.
During these two and a half weeks, the EU’s solar capacity generated 19.9 TWh of electricity. Producing the same amount of energy from gas-fired power plants would have cost around 1.9 billion euros – an additional 32 percent on top of the 6 billion euros the European Commission estimates was spent on fossil fuel imports during the same period. More precisely, from March 1 to 31, total savings reached 3.77 billion euros.
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If gas prices rise above the average March levels, solar energy savings could reach nearly 67 billion euros by the end of 2026. According to SolarPower Europe’s medium scenario for future solar deployment, cumulative savings by the end of the decade could reach 170 billion euros.
SolarPower Europe emphasizes that, in addition to expanding solar capacity, it is urgent to develop flexible solutions such as battery storage, smart grids, and demand management, in order to further reduce dependence on gas and stabilize electricity prices.
The increased use of fossil fuels also affects periods when the most expensive fuel sets the price for all electricity on the market, so such measures directly contribute to lower costs for industry and households.
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