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Date Published: 11/06/2024

Harnessing the savings of solar power: Why more households in Spain are choosing solar energy

Enjoy a wide range of solar energy services and products from the Costa Blanca’s foremost eco trading company, Ecosolarspain

Solar energy has gained popularity throughout Spain over the past few years, but there is still much room for growth when it comes to knowledge and its actual uptake. According to a recent study called ‘InformeSolar: An X-Ray of Solar Self-Consumption in Spain 2024’, only 22% of Spanish homeowners have installed solar panels or are even considering it.

Specifically, 5% have solar panels installed on their single-family home or apartment, while 17% are thinking about it. On the other hand, 78% are not considering it at all due to various reasons.

Given the predominantly fine year-round weather in Spain, these figures might come as a surprise to many, but one of the biggest reasons why solar energy hasn't been adopted more widely is because of the lack of knowledge and information available.

Only 19% of homeowners admit to being well-informed about solar panels. Despite the interest, information is scarce. Almost half of the homeowners (47%) express interest, but aren't considering installation yet. Additionally, apartment owners show less interest than single-family homeowners.

Lack of information about installation possibilities in neighbourhood communities and urbanisations also plays a role here, delaying the widespread adoption of renewable energy in Spain.

Savings on bills and reduced consumption are the biggest motivators for choosing solar panels, accounting for 60% and 40%, respectively. Reasons related to sustainability and independence come next. Interestingly, changing energy prices and availability of subsidies or tax benefits don't play a big role in the decision-making process.

However, as people learn more about energy self-consumption, economic savings become even more critical in driving the desire to switch to solar power.

For apartment owners, living in a community is the primary barrier (40%), followed by the high initial investment needed (25%). Approval from fellow neighbours can also act as a pre-barrier for 44%. Eight out of 10 community members are unaware of the possibility of installing solar panels but once people know it’s a possibility, interest rises significantly-63% find the option interesting.

But going back to the unavoidable sentiment that ‘knowledge is power’, only three out of four homeowners know about incentives and benefits for installation that the Spanish government offers, despite the availability of deductions of up to 60% in personal income taxes, IBI reductions of up to 50%, and regional subsidies.

Knowledge about these advantages remains limited, with only 6% indicating they are well-informed.

While financial assistance exists, finding suitable financing options helps make solar panels accessible to thousands of users looking to benefit from self-consumption. Financing is preferred by almost half (46%) of non-solar panel owner homeowners seeking mid-term solutions spanning 1-8 years.

Another third (38%) prefer financing for an average period of 3-5 years, while a fifth (20%) look for financing over 6-10 years. Six out of ten would agree to spend around 50 euros per month to finance their investment in solar power.

Ecosolarspain has established itself as one of the most trusted local business specialising in the installation of solar panels and the sale of associated green energy products in the province of Alicante.

Whatever your energy, electric, air conditioning or heating needs on the Costa Blanca, don’t hesitate to reach out to Ecosolarspain to see how they can help you today

Images: Freepik