European Solar Residential Market Poised for Over 9% CAGR
- Europe's solar residential market, when it comes to cumulative capacity was pegged at 40.40 GW in 2021.
- This figure is most likely to cross 71 GW by year 2027.
A recent report that looks into the residential solar market of Europe, titled, "European Residential Solar Market: Analysis By Accumulated Installation, By Accumulated Capacity, By Region Size and also Trends with Impact of COVID-19 as well as Forecast up to 2027 ″ predicts that it set for growth of 9.60% CAGR. The estimates have actually been created a duration of five years in between 2022 to 2027 basis accumulated capacity.
Europe's solar residential market, when it comes to cumulative capacity was pegged at 40.40 GW in 2021. This figure is most likely to cross 71 GW by year 2027.
Currently, homes in Europe count on solar power as a means of power that is both affordable and has extensive availability. If present market trends are anything to go by, the report additionally goes on to estimate that by year 2040, solar power will assist meet 20% of the European Union's demands for electricity.
The Government of UK has actually introduced several efforts that have aided increase the extensive adoption of solar PV panels in the residential industry. Initially of 2022, for instance, it shrunk the tax levied on solar PV panels. This was additionally reached other products connected to renewable power generation. That apart, the value-added tax was brought down by one more 5% relative to residential solar PV panel systems installations.