Development of renewable energy market in the EU with particular regard to solar energy

Abstract

Solar energy is the fastest growing energy sector in the world, with growth rates of 40-50% per year. Solar energy creates the possibility of industrial use of new technologies, materials and structures of solar cells, modules and power plants. The aim of this paper is to present renewable energy sources and their use in the EU in the years 2004-2015. This paper analyzes the use of photovoltaic (PV) technology in Europe, discusses what this technology is, and the rate of its development. Also, a list of advanced countries that are actively using solar energy is given. The biggest part in renewable energy is occupied by biofuels and renewable waste. Our analysis confirmed the highest increase in the share of electricity from renewable sources in gross electricity consumption in the years 2004-2015 in Estonia (2,416.7%), Belgium (805.9%) and the United Kingdom (540%). The conducted analysis showed that Malta (1181.1%), the United Kingdom (685.8%) and Luxembourg (283.3%) achieved the highest increases in the share of renewable energy sources in heating and cooling in the years 2004-2015. In the same period Portugal (2.8%), Latvia (21.9%) and Croatia (31.3%) achieved the lowest increases in the share of renewable energy sources in heating and cooling. This paper finds a reduction in excise taxes stimulates the  demand for “green” energy. European countries have achieved very impressive results in the development of solar energy. The results are of great interest to investors, politicians and others interested in the development of PV power plants.