How can solar energy contribute to the ongoing green transition? What could we do with the amount of sunlight striking the Earth’s surface in an hour? MET Group’s goal is to build a geographically and technologically diversified renewables portfolio, consisting of solar and wind projects across Europe.
- Solar power is energy from the sun that is converted into thermal or electrical energy. Solar energy is one of the cleanest and most abundant renewable energy sources available.
- Solar energy is the main source of renewable capacity worldwide. According to the International Renewable Energy Agency, in 2023 solar energy was the largest source at 36.7% (1 418 GW), followed by 32.7% of hydropower (1 265 GW) and 26.3% of wind energy (1 017 GW).
- In 2023, solar PV (photovoltaics) alone accounted for three-quarters of renewable electricity capacity additions worldwide. According to the International Energy Agency, renewable power capacity additions will continue to increase in the next five years, with solar PV and wind accounting for a record 96% of it.
- While the increases in renewable capacity in Europe, the United States and Brazil hit all-time highs, China’s acceleration was extraordinary. In 2023, China commissioned as much solar PV as the entire world did in 2022.
- The amount of sunlight that strikes the Earth’s surface in an hour and a half is enough to handle the entire world’s energy consumption for a full year.
- Solar energy technologies convert sunlight into energy, either as electricity (photovoltaics and concentrated solar power) or in the form of solar heat.
- Solar panels use the photovoltaic effect to convert light into an electric current. Concentrated solar power systems use lenses or mirrors to focus a large area of sunlight to a hot spot, often to drive a steam turbine.
- When the sun shines onto a solar panel, energy from the sunlight is absorbed by the PV cells in the panel. This energy creates electrical charges that move in response to an internal electrical field in the cell, causing electricity to flow.
- Solar energy supports the electrical grid during peak demand periods. When there is no sunshine, conventional energy sources, such as gas-fired power plants, can balance the highly weather-dependent renewable power generation.
- Solar energy is cheap, clean and flexible. According to the European Commission, the cost of solar power decreased by 82% between 2010 and 2020, making it the most competitive source of electricity in many parts of Europe.
- Solar is the fastest-growing energy source in the EU. The EU solar generation capacity keeps increasing and, according to SolarPower Europe, has reached an estimated 259.99 GW in 2023 (204.09 GW in 2022, 164.19 GW in 2021).
- The European Union has long been a front-runner in the roll-out of solar energy. Under the European Green Deal and the REPowerEU plan, solar power is an important building block of the EU’s transition to cleaner energy.