The research institute recently published a research report on the development of the European residential photovoltaic market with the topic “European residential photovoltaic market: trend analysis based on cumulative installed capacity, cumulative energy storage capacity, regional scale and the influence of the COVID-19 epidemic and forecast up to 2027". It was predicted that its compound annual growth rate (CAGR) would be 9.60%. This is an estimate of the cumulative installed capacity of photovoltaic systems installed from 2022 to 2027.
By 2021, the cumulative installed capacity of PV systems installed in the European residential PV market will be 40.40 GW. By 2027, that number is expected to exceed 71 GW.
Currently, European households use photovoltaic systems as a cheap and widespread energy measure. According to the current market development trend, the report further estimated that by 2040, photovoltaic power generation could cover 20% of the EU's electricity needs.
The UK government has launched a number of initiatives to encourage the widespread use of residential photovoltaic systems. For example, in early 2022 the UK government reduced the tax on PV modules, and this stimulus measure extended to other products related to renewable energy generation. In addition, the VAT for installed residential photovoltaic systems has been reduced by 5%.