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According to UNEF, the installation of new solar panels has decreased by 26% compared to last year.

Solar panels are becoming easier and cheaper to install, but the latest data for Spain shows a completely different trend than in recent years. If in 2022 and 2023 there was a huge boom in the installation of solar panels on the roofs of our houses, then in 2024 we are experiencing serious slowdown.

While interest in personal consumption and solar power surged during the energy crisis, falling electricity prices have seriously reduced interest in these installations. The consumer no longer feels as needy and the number of new PV panel installations has dropped sharply.

This is evidenced by the latest data recorded by the Spanish Photovoltaic Union (UNEF), which indicates that in the first quarter of 2024, the installation rate of self-consumption in Spain decreased by 26% compared to the previous year.. This doesn’t mean new solar panels aren’t being installed, but it does mean solar isn’t growing as fast as it is.

If we differentiate by industry, This slowdown is most noticeable in the industrial sector., with a drop of 30%. In the commercial sector – 22%, and in the domestic sector – 15%.

How can this situation be explained? Basically, everything points to the market situation. The enemy is at home. It is the low price of electricity that has reduced the attractiveness, just as the high price of electricity a few years ago contributed to the boom.

UNEF talks about a temporary situation, but is not pessimistic about what we have in 2024. Interest in solar panels is described as stabilizing: “We are in moment of stabilization of own consumption in Spain. These data are explained by the loss of citizens’ perception of high energy prices, as well as the decrease in the purchasing power of families due to rising inflation, as well as the exhaustion of assistance provided under the Recovery Funds,” explains José Donoso. , Director General of UNEF.

According to a 2024 UNEF report in collaboration with SotySolar and Aiko Energy, 22% of Spanish homeowners already have solar power at home or are seriously considering installing it. If you switch to objects, the percentage drops to 5%.

Although data shows a slowdown in growth, solar power in Spain continues to break records. Solar PV broke its daily production record of 199 GWh, according to May data from Red Eléctrica. In 2023, the record was broken for the number of new MW of solar photovoltaic power connected to the grid: 5,594 new MW, an increase of 28% from 2022. We’ll have to wait to see how 2024 plays out.

Image | Plien

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