German solar industry set for double-digit growth in 2024.

By Oliver Townsend Jun 18, 2024
German solar industry is expected to grow by a double-digit percentage in 2024.jpegOrginal image from:

Germany’s solar industry is poised for significant growth in 2024, with the Solar Association (BSW) predicting a double-digit increase in newly installed photovoltaic capacity. This surge follows a period of rapid expansion in residential solar installations, indicating a shift towards commercial storage systems. Carsten Koernig, BSW’s managing director, emphasized the increasing standardization of solar and storage technology, with a focus on electrifying commercial roofs and low-yield open spaces.

Continued Demand and Expansion

The solar industry in Germany is expected to maintain high demand beyond 2024, as indicated by a YouGov survey showing interest from both companies and private property owners in investing in solar power systems. The Federal Network Agency reported a 35% year-on-year increase in newly commissioned solar power capacity in the first four months of the year, reflecting the country’s commitment to renewable energy.

Government Initiatives and Targets

Germany aims to cover 80% of its gross electricity consumption with renewable energy by 2030 and achieve climate neutrality by 2045, five years ahead of the European Union’s target. To support this transition, the government implemented a solar-related package in mid-May to streamline the construction and operation of photovoltaic systems and accelerate solar energy expansion.

Record-Breaking Renewable Energy Share

Germany’s renewable energy sources accounted for 58.4% of electricity generation in the first quarter of 2024, marking a record high for a first-quarter share. This growth underscores the country’s progress towards sustainable energy production and its commitment to reducing carbon emissions.

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