As expected, Svensk Solenergi's new statistics show a sharp decline in the number of installed photovoltaic systems in the first half of 2024 compared to the corresponding period in 2023. At the beginning of 2023, the photovoltaic market was extremely hot as a result of previously record-high electricity prices and an uncertain world situation. The year 2024 started instead with low electricity prices and an uncertain legal situation regarding green tax credits for batteries.
“The slowdown in the first half of 2024 may look dramatic if you compare it to 2023. But if we look back a couple of years, we see that the number of installations is slightly higher than in 2022 and twice as many as in 2021, despite the uncertainties surrounding the green tax deduction that characterized the first half of 2024,” says Anna Werner, CEO of Swedish Solar Energy.
Recovery of the residential PV market remains to be seen
Up to and including July 2024, 27,500 photovoltaic installations were connected in Sweden, just under a thousand more than in the same period in 2022 (26,600) and twice as many as in the first half of 2021 (13,500). In 2023, 66,000 installations were connected during the same period.
The statistics show differences in the development between small and medium-sized installations. Homeowners with small installations (less than 20 kW connected power) are at 260 MW in grid-connected power until July 2024, just below 2022 when the corresponding figure was 270 MW.
„In June, the Swedish Tax Agency backed down and once again allows green tax deductions for batteries in photovoltaic systems, as intended by the legislator. Now we'll see how the housing market recovers during the rest of the year when homeowners don't have to drive around with the handbrake on by mistake,” says Anna Werner.
Increase of 75% of commercial PV installations
Medium-sized installations (20-1,000 kW connected power) show a significant increase in installed power compared to two years ago. These plants are mainly installed by real estate companies and other businesses, and the segment went from 110 MW connected capacity through July 2022 to 190 MW in the same period in 2024, an increase of around 75%.
“Commercial players continue to increase their investments, which shows that solar energy remains a good long-term investment,” says Anna Werner, CEO of Swedish Solar Energy.
460 MW installed in the first half of 2024
A total of 460 MW of solar power was installed in Sweden during the first half of the year, which corresponds to an additional electricity production equivalent to the annual consumption (5,000 kWh/year) of 80,000 villas with geothermal heating.
Also see: Further growth of the Swedish PV market
The new statistics on the solar market are based on data from electricity grid companies representing about 50% of the market. Based on their data, Solar Sweden has calculated an estimate for the whole market. (hcn)
