Sweden’s new PV installations during H1 2024 added up to 460 MW, taking cumulative installations to over 4.43 GW
Residential solar installations and the commercial segment contributed 260 MW and 190 MW, respectively, during 7M 2024
PV deployments were almost at the same level as in 2022, since 2023 was an exceptional year with high electricity prices, according to the agency
Sweden’s solar energy association Svensk Solenergi counts the country’s new solar PV deployments between January to June 2024 to have grown to 460 MW. As of July 2024, 27,500 solar cell installations were connected to the grid in the country, compared to 66,000 facilities in FY 2023.
It is almost at the same level as in 2022 when the installations totaled 26,600, which was an increase from 13,500 in 2021.
During 7M 2024, solar systems under 20 kW for homeowners contributed 260 MW in grid-connected power, corresponding to 270 MW in 2022. Medium-sized systems with 20 kW to 1 MW capacity, mainly installed by real estate companies and other businesses, added 190 MW in the initial 7 months of 2024, while the additions were 110 MW during the same period in 2022.
This, points out the agency, shows the growing interest in solar among commercial players as they see PV as a good, long-term investment.
“The slowdown in the first half of 2024 can look dramatic if you compare it to 2023,” explained Svensk Solenergi CEO Anna Werner. “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 deduction that marked the first half of 2024.”
The association believes record high electricity prices and uncertain geopolitical situation in early 2023 contributed to record PV deployments in Sweden last year. According to the Swedish Energy Agency Energimyndigheten, the country installed 1.607 GW of new PV capacity in 2023 (see Sweden Installed Over 1.6 GW New Solar In 2023).
Earlier this year in January 2024, Svensk Solenergi forecast a 32% year-on-year (YoY) decline in solar PV installations for 2024, expecting 65,000 new additions this year. It cited a weaker economy and increased uncertainty among consumers for the conservative forecast. Increased interest rates and falling real wages will dampen demand, it added.
Sweden’s cumulative installed solar PV capacity as of June 30, 2024, exceeded 4.43 GW.