Spain’s storage deployments hit 495 MWh in 2023
- Admin
- May 14, 2024
- 1 min read
According to data from Spanish solar energy association UNEF, Spain installed around 495 MWh of behind-the-meter storage capacity in 2023, with residential installations accounting for three-quarters of the total. The country reached a cumulative storage capacity of 1.823 MWh by the end of December 2023. The storage business is gaining traction in the Spanish renewable energy market. UNEF emphasizes the importance of creating financing schemes to make behind-the-meter storage competitive, such as VAT exemption or tax deductions. Batteries could become as important as solar panels in the coming years. The bankability of battery storage projects has been impacted by a decline in electricity prices. Batteries are commonly installed with rooftop PV systems. Spain's cumulative installed PV capacity was 25.54 GW by the end of December 2023, with 5.59 GW of new solar power deployed last year.
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