Solar Energy in Sweden: 2024 Figures Reflect Resilience

According to the latest monthly statistics from Svensk Solenergi, the number of newly connected solar installations in Sweden for 2024 has reverted to levels comparable to those witnessed in 2022, although it still remains considerably lower than the record-breaking year of 2023.

The data reveal a notable decrease in solar installations during the first half of 2024 compared to the same period in 2023. The solar market was exceptionally active in early 2023, driven by record-high electricity prices and global uncertainties.

However, 2024 began with lower electricity prices and uncertainties surrounding the green tax deduction for battery storage, impacting the market's momentum.

"The slowdown in early 2024 may seem dramatic compared to 2023, but looking back, we see that installation numbers are slightly higher than in 2022 and double those of 2021, despite the challenges related to the green deduction," noted Anna Werner, CEO of Swedish Solar Energy.

By the end of July 2024, Sweden connected 27,500 solar installations, slightly surpassing the 26,600 installations during the same period in 2022 and doubling the 13,500 installations from the first half of 2021. However, this figure is still far below the 66,000 installations connected during the same period in 2023.

The statistics also highlight differences between small and medium-sized installations. Homeowners with smaller installations (under 20 kW) reached a grid-connected power of 260 MW by July 2024, just below the 270 MW recorded in 2022. The Swedish Tax Agency's recent decision to reinstate the green tax deduction for batteries in solar installations, which was initially intended by legislators, could help revitalize the housing market for solar in the latter half of the year.

In contrast, medium-sized plants (20–1,000 kW) have seen a substantial increase in installed power, primarily among real estate and other commercial companies. These installations grew from 110 MW in July 2022 to 190 MW by July 2024, marking a 75% increase.

"Commercial actors continue to expand their investments, demonstrating that solar energy remains a sound long-term investment," said Werner.

Overall, Sweden installed 460 MW of solar power in the first half of 2024, equivalent to the annual electricity consumption (5,000 kWh/year) of 80,000 homes with geothermal heating.