The renewable energy sources are on high agenda in Europe. In 2009, the EU member states established a binding Renewable Energy Directive that established targets for the share of renewable energy in energy consumption for all EU member states. Those targets were 20% for 2020 and at least 27% for 20130. The Directive set individual targets for all member states, which had to be accomplished by 2020.

In 2016, eleven member states accomplished their set targets four years before schedule. Therefore, in the new renewable directive adopted in 2018 the 2030 target was raised from 27% to 32%. At this rate of the industry growth, the investments in European renewables will provide a good profit yield in the coming decade.

From 2010 through 2019, $698 billion have been invested in the renewable energy industry in the EU. In that period, 35 billion dollars have been invested in Spain’s renewable energy industry, $7.8 billion being invested in 2018. That was seven times the amount invested in 2017.

The main reason that accounts for such sharp growth in Spain is the repeal of the so-called ‘sun tax’ introduced by the Spanish government in 2015. This happened due to the agreement of the EU countries to raise the mandatory quota of renewable energy in energy consumption of the EU from 27% to 32% by 2030 and prohibit taxes on self-consumed energy.

Starting from 2010, the share of renewable energy in total energy consumption in the EU has grown from 11.5% to 19.2% in 2019 and is likely to achieve the targeted 20% in 2020. In the same period, Spain’s energy consumption has grown from 13.2% to 19.7%. With the 20% target set for Spain in the renewable energy directive, Spain is more than likely to achieve it.

The total amount of global investment in the decade from 2010 to 2019 has reached $2.6 trillion, solar energy taking half — $1.3 trillion — of this sum. Therefore, it is easy to conclude that solar energy is on the rise and is likely to lead the renewable energy race in the next decade financially and technologically.

This is why we at Solar Family have chosen Spain as our main operation ground and solar energy as the centre of our operation. Further on, we are looking to expand the Solar Family presence to other EU countries, to America and Asia.