The country is ranked among the top ten solar energy producers in Europe, and the industry has seen impressive growth in recent years.
According to the State Agency on Energy Efficiency and Energy Saving of Ukraine, the country's solar energy capacity reached 1.3 GW by the end of 2021, which is a 38% increase compared to the previous year. This growth is mainly driven by the increasing demand for renewable energy sources and the decreasing cost of solar panel technology.
The solar energy market in Ukraine is dominated by utility-scale projects, with a capacity of over 1 MW. The majority of these projects are concentrated in the southern and eastern regions of the country, where there is more sun exposure. Additionally, many of these projects are built on unused agricultural land, providing a new source of revenue for farmers.
Another trend in the Ukrainian solar market is the increasing use of energy storage systems. These systems enable solar energy to be stored and used during periods of low sunlight, making it a more reliable source of energy. With the decreasing cost of storage technology, more companies are investing in this technology.
The Ukrainian government has set a target of reaching 25% renewable energy by 2035, with solar energy expected to play a significant role in achieving this goal. To support this growth, the government has introduced a range of incentives, including feed-in tariffs and tax breaks for investors in the industry.
In addition to the government's support, there are several other factors that make Ukraine an attractive destination for solar energy investment. The country has a highly skilled workforce, a favorable business environment, and low labor and operational costs.
The solar energy market in Ukraine is a promising investment opportunity for those looking to enter the renewable energy sector. With favorable government policies, a growing demand for clean energy, and the decreasing cost of technology, the industry is poised for continued growth in the coming years. By staying up-to-date on market trends and taking advantage of the many opportunities available, investors can maximize their returns while contributing to a more sustainable future.