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.
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'
