Photovoltaic installations in the EU will break records in 2024

The EU is set for a record year for solar installations, with leading markets already exceeding 2023 records. According to the latest analysis from Ember’s advisory team, strong growth continued through the first seven months of the year, with positive forecasts for a solid finish by 2024. according to the Monetel agency.

Italy, which is the third largest solar market in the EU, recorded a remarkable growth of 41%, which translated into almost 3.9 GW of solar installations between January and July. Analysts predict that the country is on track for its best year in solar energy development.

Germany also recorded annual growth of 11%, reaching 9.3 GW over the same period. Meanwhile, Portugal doubled its solar installations year-on-year, adding about 0.9 GW of new capacity. Projections show Germany could add a total of 17 GW of solar capacity in 2024, while Italy is expected to contribute 7.4 GW and Portugal 2 GW.

The growth in solar capacity in Germany can be attributed to reforms aimed at reducing bureaucratic hurdles and increasing support for rooftop solar initiatives. These measures are in line with the updated National Energy and Climate Plan, which aims to achieve a total of 128 GW of solar PV capacity by 2026.

Euan Graham, energy data analyst at Ember, emphasized the critical need for strategic planning to accommodate this rapid expansion. He said it is more urgent than ever for Member States to ensure adequate electricity networks and flexibility to optimize the benefits of cheap solar energy.

One of the main challenges facing the renewable energy sector is the need for sufficient network capacity to transport energy to where it is needed most. Additionally, increasing storage capacity with batteries is essential to harness solar energy outside of peak sunlight hours.

The Ember report analyzed 15 countries that will collectively account for 80% of the world’s solar PV installations in 2023. It noted that five countries – China, the United States, India, Germany and Brazil – are on track to provide 75% of the world’s solar PV energy in 2024

The report also highlights that the significant increase in the capacity of photovoltaic installations in 2023 and 2024 has changed the perception of the role of solar energy in the energy transformation. Analysts predict that solar power could deliver more gigawatts in 2024 than the total global increase in coal-fired power capacity since 2010, which is 540 GW.