Sweden's New Photovoltaic Installed Capacity Will Reach 1.4gw In 2023!

Although Sweden will install a record amount of PV systems in 2023, high interest rates, inflation and customer uncertainty may slow the growth of the country's residential PV market, while developers are wary of installing utility-scale PV, research shows. System interest remains strong.

 

According to estimates from the Swedish Photovoltaic Industry Association Svensk Solenerg, Sweden will install 1.2GW to 1.4GW of photovoltaic systems in 2023, while the country installed about 1GW of photovoltaic systems in 2022.

 

Sweden will have approximately 96,000 PV systems connected to the grid in 2023, an increase of approximately 70% compared to the 55,000 PV systems installed in 2022. Svensk Solenergi said the number of installed PV systems in the country peaked in the second quarter of 2023, before declining due to high interest rates and inflation.

 

The association predicts that Sweden will install 65,000 photovoltaic systems in 2024, with the number of installations falling by 32% year-on-year. Svensk Solenergi said the forecast was prompted by a weakening Swedish economy, increased customer uncertainty and a reduction in the number of PV systems being installed with advance notice to grid operators. Sweden has 84,000 advance notifications in 2023 and 95,000 in 2022.

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Anna Werner, CEO of Svensk Solenergi, said, "An important reason for the decline in the number of photovoltaic system installations is rising interest rates and falling wages, which suppress customer installation demand. The fact that electricity prices have fallen compared with 2022 also affects investment willingness. The Swedish Tax Agency's stance on green tax breaks for batteries has also increased uncertainty for consumers about installing PV systems, which has had a negative impact on the PV market."

 

Svensk Solenergi predicts that Sweden's newly installed photovoltaic system capacity in 2024 will be between 1GW and 1.3GW.

Oskar Öhrman, technical manager at Svensk Solenergi, said: "Today, there is a lot of interest in installing utility-scale PV systems. Many players want to enter the Swedish PV market, so there is a high number of announced and unannounced PV developments."

 

He pointed out that there are about 360 photovoltaic projects in Sweden with a total installed capacity of 11GW awaiting licensing approval. He added, "The ability of installed PV systems to be connected to the grid at an acceptable price is the most important bottleneck, which is why many PV projects are cancelled."

 

Öhrman said that construction of Sweden's largest photovoltaic power plant to date began in October last year, and this photovoltaic project with an installed capacity of 100MW may be put into use this year.

 

 

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