Around €7 billion worth of Chinese-manufactured solar panels are currently stored in Europe, which could power approximately 20 million homes per year.
- Jul 20, 2023, 11:00 AM CDT
Europe’s spending on solar imports has almost quadrupled in the last five years, surging from €5.5 billion in 2018 to more than €20 billion last year, while the supply source has become increasingly concentrated. An overwhelming €18.5 billion, equal to 91% of all PV import expenditure, was spent on Chinese products, as volatile panel prices impacted buying decisions.
Despite these ambitious goals, between 2019 and 2022, locally-made modules could not keep pace with the growth of imported panels. From 2021 to 2022, the amount of Chinese solar modules imported by European countries increased by 112% to about 87 GWdc. The installation rate in these countries has yet to meet anticipated levels, resulting in a sizeable gap of almost 47 GWdc in 2022 in shipped versus installed modules.
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