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Swissolar Forecasts Minimum 10% Annual Increase in PV Installations in 2024 Over 1.5 GW

  • Swissolar says Switzerland added around 1.5 GW of new solar PV capacity in 2023 
  • High electricity prices and government subsidy scheme for larger systems contributed to the growth 
  • With over 6.2 GW cumulative capacity at the end of 2023, the market is forecast to expand by a minimum 10% next year 

The solar PV market in Switzerland is expected to have grown by around 40% annually in 2023, according to local solar association Swissolar. It expects the country to exit this year with close to 1.5 GW new additions. 

This capacity grew with contribution from both small and larger systems with the latter getting a boost from the government’s new subsidy program for one-off high payment to eligible projects (see Switzerland Gives Legality To ‘Solar Offensive’). 

A major contributing factor to the growth of solar in 2023 was high electricity prices that majorly impacted large energy users that buy electricity from the open market. Additionally, the increasing demand for electromobility and heat pumps promoted its growth. 

Swissolar’s predictions will expand the country’s cumulative PV capacity to exceed 6.2 GW, enabling annual electricity production of around 6 TWh in 2024. “This means that the threshold of 10% solar power in Switzerland’s total annual electricity consumption will be reached next year. A quantity that Swissolar set as a target for 2025 in 2011,” stated Swissolar.  

In 2024, this growth is likely to continue with the association forecasting a minimum of 10% annual increase in capacity for the market. It would put the country on track for requisite annual capacity of over 2 GW from 2027 to achieve 35 TWh electricity share from renewable energy. 

In June 2023, the association had pegged 2022 PV growth at over 1 GW, taking the cumulative to 4.65 GW (see Switzerland’s 40%+ Annual Solar Expansion Series). 

Source from Taiyang News

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