How solar has saved Europe €20 billion since the war on Iran began

Solar power is sheltering 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 (Wednesday 15 July) Brent crude was trading at $85 (approximately €74) per barrel – a €10.47 increase compared to the day before the war began (27 February). The benchmark Dutch TTF natural gas price has also surged since conflict began by around €20 per MWh, according to today's trading.

However, new analysis by SolarPower Europe reveals that harnessing sunlight for power saved Europe €20 billion between 1 March and 15 July by lowering demand for gas imports.Over the 137-day period, solar delivered average savings of €146 million per day. This is more than what France spends on defence each day.

Solar is the 'route to long-term energy security'