Market Analysis

Germany's solar power installations increased by 35% year-on-year in the first four months of 2024, driven by rising demand for industrial, commercial, and ground-mounted photovoltaics, according to the solar power association BSW on Tuesday.

Following Russia's invasion of Ukraine and the subsequent decline in Russian fossil fuel exports to Germany, Berlin enacted several laws to expedite solar power expansion. This is part of Berlin's strategy to meet 80% of its energy needs from renewables by 2030 and achieve climate neutrality by 2045.

New solar power capacity exceeded five gigawatts (GW) in the first third of this year, with 56% of businesses and over 60% of real estate owners in Europe's largest economy showing interest in solar power investments, as per a May survey by YouGov.

BSW anticipates double-digit percentage growth in both installations and solar storage capacity in 2024, aligning with government targets of 19 GW of new annual capacity to reach 215 GW, or 25% of domestic electricity consumption, by 2030.

In the first four months of this year, newly installed photovoltaic capacity on commercial rooftops surged by 81%, while solar installations on open spaces increased by 74% compared to the same period last year. In the residential sector, new installations rose by 1%.

"Following a significant solar boom in Germany's residential areas, commercial rooftops and previously underutilized open spaces are now being electrified with solar technology," BSW head Carsten Körnig said in a statement.

Paraphrasing text from "Reuters" all rights reserved by the original author.