BAKU, Azerbaijan, October 18. The annual deployment of solar photovoltaic (PV) in the largest EU Member State is expected to average from 17 to 26 percent in 2022, which is a record year for solar PV market, Trend reports via the European Commission.
In total, the EU generated a record 12 percent of its electricity from solar from May through August 2022.
According to the Commission investment needs analysis, the estimated amount needed for solar PV and wind amounted to 86 billion euros. Furthermore, the overall investment in renewables in the EU to realize the full potential to reduce dependence on Russian fossil fuel imports to zero would require 300 billion euros.
The EU is aimed at carrying out several initiatives to increase solar power deployment. For example, the Commission proposed to ensure that all new buildings are designed to optimize their solar energy generation potential as part of the ongoing revision of the Energy Performance of Buildings Directive (EPBD).
Other initiatives include shifting from steam turbine technologies to renewable power generation from solar.
“In July 2022, already around 1.6 billion euros of the EU guarantee under the “Sustainable Infrastructure Window” was allocated, including for investment in solar photovoltaic, wind energy and energy efficiency,” the report said.
Also, according to the Commission, the first-ever cross-border tender will take place under the Renewable Energy Financing Mechanism in 2022.
“The tender will focus on solar photovoltaic projects. The mechanism will help unlock the EU’s full renewable potential, and help Member States achieve the decarbonization objective in a more cooperative manner,” the report noted.
Meanwhile, the total share of renewables in the EU electricity generation is expected to increase from 37 percent to 69 percent by 2030.
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