SolarPower Europe has revealed that the massive strides that European countries have taken over the years to install solar energy have resulted in the continent saving at least $135 million on a daily basis, money that would have gone to importing fossil fuels.
Their analysis indicates that starting on March 1, just two days after the United States and Israel commenced strikes against Iran and triggered the Gulf country’s closure of the Strait of Hormuz in response, Europe has saved $127 billion from the money that would have otherwise been spent to import fossil fuels.
SolarPower Europe says those savings illustrate how important renewables can be when volatility escalates in international energy markets. The group says the money saved as a result of solar energy deployments across the continent is equivalent to what Belgium has been allocating to its defense sector annually in recent years.
The industry group emphasizes that those savings denote just a small fraction of what the continent can save if it acts faster to deepen the penetration of solar energy and associated technologies like energy storage systems and electrification.
According to a report authored by Ember, a number of countries in Europe had already recorded solid benefits from growing their solar and wind energy capacity even before the current war in the Gulf started. The report cites Spain as slashing the price of electricity by 75% since 2019 as a result of tapping these renewable forms of energy.
It should be noted that power markets in Europe are based on the most costly electricity generation approach to set the wholesale price that energy generators charge the energy distribution companies they work with. Coal and gas are the most expensive generation fuels, and as less expensive methods like the use of wind and solar to generate electricity yield more energy, the role that expensive fossil fuels play in setting wholesale prices diminishes.
A number of countries on the continent notched new records in May on how much energy they generated from solar. May 28 saw Germany generating 503 GWh while France clocked 179 GWh on that day as well. On May 29, Portugal peaked at 32 GWh while Spain recorded 265 GWh on that day too. All these were national records.
Several factors are helping to boost the switch to renewables. For example, it takes about 5 years to construct and finally bring online a generator using methane gas while a solar energy project requires only a year to be constructed and come online.
It is therefore hugely ironic that President Trump who advocates for American fossil fuel dominance attacked Iran and triggered an energy crisis that has accelerated the deployment of renewables in not just the U.S. but around the world. If this deployment gains momentum, the very industry the president champions could see its decline accelerate as clean energies gain dominance. Firms like Tesla Inc. (NASDAQ: TSLA) that are key players in clean energy technologies like solar, battery energy storage and electric vehicles should be smiling at the way the Iran war has boosted the demand for their products.
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