Europe's expanding solar capacity has saved the continent an estimated €20 billion in gas import costs since the war in Iran began in late February. Analysis by SolarPower Europe finds the solar fleet saved an average of €146 million per day between March 1 and July 15.
The savings come as global oil prices remain volatile. Brent crude was trading at $85 per barrel, a significant increase from pre-war levels. The Dutch TTF natural gas benchmark has also surged.
"Every megawatt-hour generated by solar power reduces our dependence on imported fossil fuels and makes Europe safer," said Walburga Hemetsberger, CEO of SolarPower Europe. "This news follows solar becoming the EU's largest single source of electricity in June."
Several European nations have demonstrated the benefits of renewable investment. Since 2019, Spain has doubled its wind and solar capacity, reducing the influence of expensive fossil fuels on its electricity price by 75 percent.
In the UK, wind power set a new generation record in March, providing more than half of the country's electricity at its peak. In 2025, wind and solar generated more EU electricity than fossil fuels for the first time, accounting for a record 30 percent of the bloc's power.
Austria leads the EU with the highest green electricity use rate at 90 percent, followed by Sweden at 88 percent and Denmark at 80 percent.