A new analysis found that Europe’s existing solar fleet has already saved the continent billions in 2026.
Solar is helping to rescue Europe from the crippling costs of fossil fuel imports, as the war on Iran continues to keep oil and gas prices sky-high.
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Brent crude, which is used as the worldwide benchmark for oil prices, remains particularly volatile due to Iran's stranglehold on the Strait of Hormuz, a vital passage which usually carries around one-fifth of global oil supplies.
Yesterday (Thursday 4 June) Brent crude was trading at $95 (€81) per barrel – a €20 increase compared to the day before the war began (27 February). The benchmark Dutch TTF natural gas price has also surged since conflict began, spiking by almost 50 per cent during parts of March.
However, new analysis by SolarPower Europe reveals that harnessing sunlight for energy has saved Europe €12.8 billion as of 2 June – averaging out at €136 million per day.
Solar is making Europe 'more secure'
"Citizens in Europe are turning to solar in this moment of crisis," says Walburga Hemetsberger, CEO of SolarPower Europe.
"Lessons from the past 100 days [of war] should sharpen the focus on delivering the non-fossil fuel flexibility, such as battery storage, that can amplify the benefits of Europe's renewable power generation."
Hemetsberger argues this can help reduce Europeans' energy bills and deliver a "more secure and competitive" Europe – but warns that concrete measures and financing tools from the bloc are needed to keep momentum.
How renewables are shielding Europe from rising gas prices
Several European nations have already demonstrated the benefits of revolutionising their energy systems by focusing on green technology prior to the war on Iran.
Since 2019, Spain has doubled its wind and solar capacity, adding more than 40GW to its energy mix. To put that into perspective, a power plant with a capacity of 1 GW could power approximately 876,000 households for one year, if they consume the average of 10,000 kWh of electricity per year.
“Spain’s wind and solar growth has reduced the influence of expensive fossil generators on the electricity price by 75 per cent since 2019,” energy think tank Ember said in a report published last year.
“This decline in the hours where the electricity price was tied to gas power cost was faster than in other gas-reliant countries, such as Italy and Germany.”
In European power markets, the most expensive generator operating to meet demand, which is typically fossil fuels, sets the hourly wholesale electricity price. However, as generation from lower-cost technologies like wind and solar grows, it displaces gas and coal, meaning fossil fuels determine the price less often.
Record wind has also helped the UK break a new renewable record, despite "fantasy" claims that the country needs to drill the North Sea for oil.
On 26 March, British wind energy generation hit a new high of 23,880 megawatts, enough power to cover 23 million homes.
“Wind provided more than half of Britain’s electricity during this record period, and it’s highly significant that earlier in the day low-cost wind and solar squeezed expensive gas off our energy system – with gas falling to its lowest level of generation for nearly two years, providing just 2.3 per cent of our electricity,” says RenewableUK’s Tara Singh.
“That’s what the energy transition looks like in practice, and it shows why we need to continue to build out an ambitious pipeline of new clean energy projects now and in the years ahead.”
Which EU country is leading the renewables race?
In 2025, wind and solar generated more EU electricity than fossil fuels for the first time ever, marking what experts described as a “major milestone” in the transition to clean power.
A report from Ember found that wind and solar accounted for a record 30 per cent of EU electricity, overtaking fossil fuels by just one per cent.
In 2024, Austria led the way as the country with the highest green electricity use rate (90 per cent) – spearheaded by its 16 hydroelectric power plants.
Sweden came a close second at 88 per cent, powered mainly by wind and water, while Denmark was ranked third with 80 per cent of its energy coming from renewable sources.
This was followed by Georgia (68.4 per cent), Portugal (65.8 per cent), Spain (69.7 per cent) and Croatia (58 per cent). Malta was ranked last, with just 10.7 per cent of renewable energy use.
