Why this is important to Wisconsin businesses: Solar panel installations jumped in 2023 and are expected to continue a strong acceleration, potentially opening the door for Wisconsin companies with products and expertise in that sector.
Austria delivers the second-highest percentage of renewable power in the European Union. In 2023, 87% of the electricity generated came from renewable sources, Austria’s Environment Ministry said. That’s an increase from 78% in 2022. Only Luxembourg had a higher percentage of renewables at 89%, while Lithuania ranked third at 81%.
Hydropower has traditionally provided the majority of Austria’s green energy, but the government also credited a big boost in the installation of solar power for part of the increase. Solar power accounted for 4.4% of Austria’s energy supply in 2023—more than double the rate in 2022.
According to the International Energy Agency (IEA), 2023 was a “landmark year” for photovoltaic installations in Austria, with a total of 2.6 gigawatts of new solar panels installed. That’s one of the highest per capita installation rates in Europe, the IEA said. Both individual rooftop panels and large solar farms were responsible for the growth. In fact, demand was so high that supply constraints resulted, causing some long waits and inflated prices, according to the IEA.
Several factors led to the burst in popularity for solar power, including rising energy costs, geopolitical tensions, and a strong desire for energy independence, the IEA said. Austria’s Renewable Energy Sources Expansion Act, approved in 2021, also helped boost the growth of solar energy by offering market premiums and investment subsidies.
The total value of installed solar systems reached €4.3 billion ($4.9 billion USD) in 2023.
Meanwhile, wind turbines also contributed to the green energy total, generating more than 15% of the country’s electricity.
Austria has set a goal to obtain 100% of its electricity from renewable sources by 2030. That means the demand for renewable power technology and equipment is expected to continue. With Austria’s stable economy and government financial incentives, Wisconsin companies in the green energy arena could help meet the growing demand for solar power in that country.
