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Long-term projections

The increasing deployment of solar and other renewable power generation across Europe is now projected to help drive down power prices in the UK in the second half of the 2020s.

Tom Edwards, senior modeller at energy consultancy Cornwall Insight, explained:

"With many of the headlines rightly focused on the short-term prospects for energy prices, it is often difficult to see the long-term picture. Our new data, forecasting a dip in power prices from 2024 up to 2030, shows that markets and governments are responding to the current higher prices with new investment in renewables to shore up energy supplies."

“The reduction in gas flow from Russia into Europe has led to a revaluation of energy supply and security throughout the continent. With much of what was their main source of energy now unavailable, countries are looking to the alternatives that will help keep the lights on over the next few years, and renewables fit this bill. Our data shows the benefits to the market of a growth in renewable investment, with the increasing competition for [British] renewables reducing prices and helping stabilise the energy market over the next few years.”

Tom Edwards, senior modeller at Cornwall Insight.

The decreasing buyback period for solar makes it a natural choice for consumers

The solar boom is set to continue into 2023 as they payback period decreases to six years and the International Energy Agency predicts that solar pv capacity will triple by 2027.

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