The European solar energy market is expected to grow significantly this year, and the growth rate in the United States will slow down
On Thursday (January 5) local time, Ronen Faier, chief financial officer of SolarEdge, an inverter giant, said that the Russian-Uzbekistan conflict would promote the substantial growth of the European solar market, while the growth of the industry is expected to slow down in 2023.
It is an Israeli company that mainly develops and sells solar inverters for photovoltaic arrays, energy generation monitoring software, battery energy storage products and other related products and services.
He attended the meeting held in Miami on Thursday, and told investors that although the new Inflation Reduction Act is expected to promote the long-term development of solar energy, high prices and regulatory uncertainty will limit the expansion of solar energy in the United States.
Last August, U.S. President Joe Biden signed the Inflation Reduction Act (IRA), the largest climate bill in the history of the United States, which will invest $369 billion in new energy and climate change projects.
"We believe that in the next few years, IRA will largely stabilize the benefits of the ITC policy (solar tax credit), and will not bring great pressure to anyone when the interest rate is relatively high," he said.
However, Faier pointed out that the Russian-Uzbekistan conflict led to a surge in the price of fossil fuels such as and. Europe decided to accelerate the transition to renewable energy. Germany and other countries provided generous incentives for the development of solar energy.
In May last year, the European Union announced a plan of 317 billion US dollars, striving to completely rid itself of dependence on Russian fossil fuels within five years. The plan proposes that by 2030, 45% of the EU's energy will come from wind, solar and other renewable resources.
It is expected that some solar energy markets in Europe, especially in German-speaking countries and the United Kingdom, will grow by more than 100% this year, compared with about 15% in the United States this year. In addition, Japan and other Asian markets will also accelerate the expansion of the construction and use of solar energy.
The United States is suffering from a serious shortage of solar panels. There are few solar panel manufacturers in the country, and more than 80% of solar panels depend on imports. Due to the trade policy of the United States, a large number of solar panels could not enter the country's market, and the import barrier seriously restricted the growth of the installed capacity of solar energy in the United States.
