Solar market grows 40-fold in Latin America in 7 years - Energy

The capacity of solar energy projects in Latin American countries increased by 44% last year, registering 9.6 gigawatts, and its market grew 40 times in 7 years, according to a recent report by the European “Solar Power” company.

Solar Power launched its report entitled “A look at the global market” at the “Intersolar Solar” events, which was held in the German city of Munich recently, which concluded that the world in general witnessed a remarkable growth in the solar energy sector last year.

The report added that the global capacity of solar energy increased at record rates in 2021, registering 167.8 gigawatts.

Promising future

The report of the European company Solar Power, which was launched in Germany this week, charts a bright future for solar energy in general in the coming years, and the report covers the outlook for solar energy globally in the period between 2022 and 2026.

The report found that the solar energy market in Latin America has grown 40-fold since 2015, projecting an increase in the continent of more than 30.8 GW per year until 2026, led by Brazil.

The Solar Power report predicted that Brazil will be among the top 5 global markets for the solar energy sector over the next 5 years, with a generating capacity of 54 gigawatts by 2026, according to “PVC Magazine”.

“The long-awaited passage of the power generation law explains the reasons for the recent significant growth of solar capacity,” said Dr. Rodrigo Lopes Soya, CEO of the Brazilian Association of Photovoltaic Energy (AP Solar), Dr. Rodrigo Lopes Soya.

Regulatory rules

solar energy
Solar energy – archive photo

The Brazilian authorities approved new rules at the beginning of this year, ensuring that photovoltaic systems with a size of less than 5 megawatts will continue to receive net metering tariffs until 2045.

Grid charges for consumers will come into effect, starting in 2023, so 2022 will see strong growth in solar capacity.

However, the head of the PV Association rules out that the new fees will negatively affect the sector’s attractiveness to investors.

“There is no risk of a market collapse due to the fees that will be imposed on consumers starting next year, we believe the regulations will continue to grow, and there will be no harassment for utility companies,” he said. It was at 10%, and yet solar energy is still more attractive to the consumer.”

Electricity price

The continued rise in electricity prices and the exacerbation of the drought crisis in Brazil, last year, prompted many citizens to use solar energy to generate electricity; In the first half of the year, the demand for solar panels increased by 50%.

The head of the Photovoltaic Energy Association expected that the energy storage sector in Brazil would grow, but there are challenges represented by high taxes and a lack of legislative structure.

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