EcoWatch
Facebook 573k Twitter 238k Instagram 37k Subscribe Subscribe
  • Climate
  • Energy
  • Policy
  • Renewables
  • Culture
  • Science
  • Go Solar Today
      • Top Companies By State
        • California Solar Companies
        • Texas Solar Companies
        • New York Solar Companies
        • Florida Solar Companies
        • See All States
      • Top Incentives By State
        • California Solar Incentives
        • Texas Solar Incentives
        • New York Solar Incentives
        • Florida Solar Incentives
        • See All States
      • Solar Panel Costs By State
        • Solar Panel Costs in California
        • Solar Panel Costs in Texas
        • Solar Panel Costs in New York
        • Solar Panel Costs in Florida
        • See All States
      • Value of Solar by State
        • Is Solar Worth It In California?
        • Is Solar Worth It in Texas?
        • Is Solar Worth It New York?
        • Is Solar Worth It In Florida?
        • See All States
      • Company Reviews
        • Tesla Solar Review
        • Sunrun Solar Review
        • SunPower Solar Review
        • Vivint Solar Review
        • See All Companies
      • Common Solar Questions
        • Can You Get Free Solar Panels?
        • Does Solar Increase Home Value?
        • What’re The Best Solar Batteries?
        • Can You Finance Solar?
        • Where To Buy Solar Panels?
        • Payback On Solar Panels?
      • Solar Resources
        • Interactive Solar Calculator
        • Federal Solar Tax Credit 2023
        • Best Solar Panels For Most Homes
        • Tesla Solar Roof Review
        • Cheapest Solar Panels
      • Companies Compared
        • SunPower vs Tesla Solar
        • SunRun vs Tesla Solar
        • SunRun vs SunPower
        • SunPower vs Momentum Solar
        • SunPower vs ADT Solar
EcoWatch
  • Climate
  • Energy
  • Policy
  • Renewables
  • Culture
  • Science
  • Go Solar Today
    • Go Solar Today
    • Top Companies By State
      • California Solar Companies
      • Texas Solar Companies
      • New York Solar Companies
      • Florida Solar Companies
      • See All States
    • Top Incentives By State
      • California Solar Incentives
      • Texas Solar Incentives
      • New York Solar Incentives
      • Florida Solar Incentives
      • See All States
    • Solar Panel Costs By State
      • Solar Panel Costs in California
      • Solar Panel Costs in Texas
      • Solar Panel Costs in New York
      • Solar Panel Costs in Florida
      • See All States
    • Value of Solar by State
      • Is Solar Worth It In California?
      • Is Solar Worth It in Texas?
      • Is Solar Worth It New York?
      • Is Solar Worth It In Florida?
      • See All States
    • Company Reviews
      • Tesla Solar Review
      • Sunrun Solar Review
      • SunPower Solar Review
      • Vivint Solar Review
      • See All Companies
    • Common Solar Questions
      • Can You Get Free Solar Panels?
      • Does Solar Increase Home Value?
      • What’re The Best Solar Batteries?
      • Can You Finance Solar?
      • Where To Buy Solar Panels?
      • Payback On Solar Panels?
    • Solar Resources
      • Interactive Solar Calculator
      • Federal Solar Tax Credit 2023
      • Best Solar Panels For Most Homes
      • Tesla Solar Roof Review
      • Cheapest Solar Panels
    • Companies Compared
      • SunPower vs Tesla Solar
      • SunRun vs Tesla Solar
      • SunRun vs SunPower
      • SunPower vs Momentum Solar
      • SunPower vs ADT Solar

The best of EcoWatch right in your inbox. Sign up for our email newsletter!

    • About EcoWatch
    • Contact EcoWatch
    • Terms of Use
    • Privacy Policy
    • Learn About Solar Energy
    Facebook 573k Twitter 238k Instagram 37k
    EcoWatch
    • About EcoWatch
    • Contact EcoWatch
    • Terms of Use
    • Privacy Policy
    • Learn About Solar Energy
    Facebook 573k Twitter 238k Instagram 37k
    Home Renewable Energy

    Solar Power Will Become 10x Cheaper Than Gas in Europe, Study Predicts

    By: Cristen Hemingway Jaynes
    Updated: November 3, 2022
    Edited by Chris McDermott
    Facebook icon Twitter icon Pinterest icon Email icon
    Two engineers install solar panels on a roof.
    Engineers install solar panels on a roof. ArtistGNDphotography / E+ / Getty Images
    Why you can trust us

    Founded in 2005 as an Ohio-based environmental newspaper, EcoWatch is a digital platform dedicated to publishing quality, science-based content on environmental issues, causes, and solutions.

    Facebook icon Twitter icon Pinterest icon Email icon

    Between May and August of this year, the EU set a record when it generated 12.2 percent of its electricity from solar power, according to energy think tank Ember, reported the World Economic Forum.

    A new study by Oslo-based energy research company Rystad Energy said extending Europe’s solar photovoltaic (PV) capacity would be 10 times less expensive than operating gas-fired power plants in the long run, Electrek reported. Especially considering natural gas prices have jumped since Russia drastically reduced its gas exports following its invasion of Ukraine.

    The study said that the dropping of the cost of renewables, market challenges and inflated gas prices all point to a shift away from natural gas as Europe’s main source of electricity, reported the Institute for Energy Economics and Financial Analysis.

    “Gas will continue to play an important role in the European energy mix for some time to come, but unless something fundamental shifts, then simple economics, as well as climate concerns, will tip the balance in favor of renewables,” said Carlos Torres Diaz, head of power at Rystad Energy, as pv magazine India reported.

    Rystad Energy reported that, so far this year, gas prices have increased by 187 percent since last year, according to Electrek.

    More From EcoWatch
    • What Is The Best Solar Company In California?
    • What Is The Cost For A Tesla Solar Battery?
    • Calculate How Much Solar Can Save You With Our Solar Calculator

    More than 50 gigawatts (GW) of new wind and solar capacity are predicted to be commissioned next year. In addition, a French multinational utility plans to bring as much as 30 GW of nuclear energy capacity back online.

    Rystad Energy predicts that, by 2030, gas prices for the Netherlands-based Title Transfer Facility (TTF) — the main natural gas authority for Western Europe — will stabilize at about $31 per megawatt (MW) hour, but that is three times more than the levelized cost of electricity (LCOE) of the most up-to-date solar PV facilities.

    If natural gas is to continue being competitive, gas prices would have to fall to about $17 per MW hour, and carbon prices would have to be about $10 per metric ton, which Rystad said is “currently unthinkable.”

    If the funds for gas were invested in renewable power generation, Europe would be able to replace predicted gas-powered generation by 2028. By then, Rystad predicted new clean energy generation capacity would reach 333 GW.

    The estimate presumes a pre-development phase of two years, pv magazine India said.

    By 2050, more than 2,000 terawatt hours would be generated by new renewables, reported Electrek. One terawatt-hour is big enough to generate enough electricity for the annual needs of about 200,000 homes.

    Subscribe to get exclusive updates in our daily newsletter!

      By signing up, you agree to the Terms of Use and Privacy Policy & to receive electronic communications from EcoWatch Media Group, which may include marketing promotions, advertisements and sponsored content.

      Cristen Hemingway Jaynes

      Cristen is a writer of fiction and nonfiction. She holds a JD and an Ocean & Coastal Law Certificate from University of Oregon School of Law and an MA in Creative Writing from Birkbeck, University of London. She is the author of the short story collection The Smallest of Entryways, as well as the travel biography, Ernest’s Way: An International Journey Through Hemingway’s Life.
      Facebook icon Twitter icon Pinterest icon Email icon

      Read More

      Volkswagen Announces Plans for a More Affordable Electric Car
      German carmaker Volkswagen (VW) has announced the details of a
      By Cristen Hemingway Jaynes
      Property Values of Homes Near Solar Farms Appraised in New Study
      Some opponents to solar farms have argued that they will
      By Paige Bennett
      Silicon Valley Bank Collapse Could Hurt Renewables
      The collapse of Silicon Valley Bank (SVB) is generating questions
      By Climate Nexus

      Subscribe to get exclusive updates in our daily newsletter!

        By signing up, you agree to the Terms of Use and Privacy Policy & to receive electronic communications from EcoWatch Media Group, which may include marketing promotions, advertisements and sponsored content.

        Latest Articles

        • Arctic Sea Ice Maximum Extent Is Fifth Lowest on Record
          by Olivia Rosane
          March 17, 2023
        • Global Freshwater Demand Will Exceed Supply 40% by 2030, Experts Warn
          by Cristen Hemingway Jaynes
          March 17, 2023
        • Train Derails, Leaks an Estimated 5,000 Gallons of Fuel on Reservation in Washington
          by Paige Bennett
          March 17, 2023
        • Forest Recovery Can Offset Some Tropical Deforestation Emissions, But Not All
          by Olivia Rosane
          March 17, 2023
        • Two Aging UK Coal Plants to Shutter in March Despite Government Requests to Remain on Standby
          by Olivia Rosane
          March 17, 2023
        • Meet Europe’s Latest National Park, A Wild River in the Heart of Albania
          by Olivia Rosane
          March 17, 2023
        • Volkswagen Announces Plans for a More Affordable Electric Car
          by Cristen Hemingway Jaynes
          March 16, 2023
        • Property Values of Homes Near Solar Farms Appraised in New Study
          by Paige Bennett
          March 16, 2023
        EcoWatch

        The best of EcoWatch right in your inbox. Sign up for our email newsletter!

          • Climate Climate
          • Animals Animals
          • Health + Wellness Health + Wellness
          • Insights + Opinion Insights + Opinion
          • Adventure Adventure
          • Oceans Oceans
          • Business Business
          • Solar Solar
          • About EcoWatch
          • Contact EcoWatch
          • EcoWatch Reviews
          • Terms of Use
          • Privacy Policy
          • Learn About Solar Energy
          • Learn About Deregulated Energy
          • EcoWatch UK
          Follow Us
          Facebook 573k
          Twitter 238k
          Instagram 37k
          Subscribe Subscribe

          Experts for a healthier planet and life.

          Mentioned by:
          Learn more