Europe experiencing solar boom

Solar power surpassed all forms of conventional and renewable resources last year to become the most-installed energy source in Europe, according to the European Photovoltaic Industry Association (EPIA).

Europe’s installation of photovoltaic panels increased 63 percent to 21.9 gigawatts; more than wind and gas-fired power combined, according to a new EPIA report.

In 2011, European nations installed 75 percent of global capacity, with investors and businesses taking full advantage of reduced panel prices and guaranteed premiums for the energy.

Photovoltaic (PV) markets, as they have over the past ten years, grew faster than expected in Europe and throughout the world, with global installations rising from 16.8 gigawatts to 29.7 gigawatts.

PV is now, after hydro and wind power, the third most important renewable energy source in terms of globally installed capacity.

However, the EPIA claim that PV’s market share is likely to slow in the coming years as governments begin to limit and reduce subsidies.

In 2012, the Brussels-based association estimates that Europe’s solar capacity could fall by anywhere between 21.6 and 9.4 gigawatts.

Last year, the solar panels installed throughout Europe contributed to around 30 percent, 26 terawatt-hours, of the electricity generated by all new power plants in the region, according to the EPIA.

The report says that if PV and wind installations remain stable in 2012, then they would supply enough electricity to compensate for the closure of the nuclear reactors in Germany.