Solar Power on the Rise in Germany After Russia Throttles Gas

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Economy news
23.08.2022
Solar Power on the Rise in Germany After Russia Throttles Gas
Germans affected by Europe’s gas crisis are scrambling to get solar panels installed in their homes and businesses.

So far this year, Germany has seen a 22% jump in the installation of solar systems compared with the same period last year. These systems are being used for a variety of applications, from residential and business use to large solar farms.

Renewable energy firms are contending with a major uptick in sales, as well as extra strain on supply chains. Having already reduced its supply of gas to Germany and other EU countries, Russia last week announced an unscheduled closure of its Nord Stream 1 pipeline for maintenance.

Germans cannot handle the energy instability and are taking matters into their own hands. However, this trend does not come without its challenges. Electricians are in short supply, with some being booked up to six months in advance.

What does this mean for me? 

Demand for solar power was already on the rise in Germany as energy prices surged, policy incentives came into play, and efficient technology became more accessible. Now, facing the additional strain of high utility bills and fears over Russia’s energy unpredictability, renewable energy is taking off.

Additionally, German authorities have called on consumers to save energy by cutting back on basic needs, such as lighting, showers and heating. If you invest in the technology sector, the renewable energy space may be one to watch.

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