Europe’s existing solar capacity offset more than €110 million of gas imports per day between March 1 and 17, according to new research by SolarPower Europe. During this period, solar power reduced the EU’s overall gas import bill by 32%, highlighting its growing economic and strategic importance.

The bloc’s solar fleet generated 19.9 TWh of electricity in the first 2.5 weeks of the conflict. Meeting that demand with gas-fired generation would have cost €1.9 billion – an additional 32% on top of the €6 billion the European Commission estimates was spent on fossil fuel imports in the same period. Total savings for March 1-31 reached €3.77 billion.

Looking ahead, the research projects that continued solar deployment could deliver nearly €67.5 billion in savings for 2026 if gas prices surge beyond their March average. Under SolarPower Europe’s Medium Scenario for future solar deployment, cumulative savings could reach €170 billion by 2030, although this falls short of the EU’s 2030 solar targets.

Walburga Hemetsberger, CEO of SolarPower Europe, said: “Europe is experiencing a second fossil fuel price shock in the space of four years. But the urgency in 2022 has given way to complacency. Solar deployment in the EU flatlined in 2024 and 2025 despite the huge costs created by our energy dependence. This new data is a reminder of how solar is serving Europe today, and the scale of the future benefits to our security and economy.”

SolarPower Europe also warned that reliance on fossil fuels continues to drive electricity prices upward. The merit order system means that when expensive gas sets the market price, all power – including renewable generation – is priced accordingly.

Dries Acke, Deputy CEO of SolarPower Europe, added: “Accelerating non-fossil flexibility solutions, like battery storage, demand response, and flexible grids, should be the absolute priority for EU decision-makers. Battery storage stands out as the swiftest and most effective option to prevent expensive gas from setting electricity prices. That in turn makes electrification and flexibility cheaper for European industry and households.”