Revised energy policy directive at COP24 conference in Katowice will be signed into law on December 24, and sees EU extend 2030 renewable energy target to 32% to ensure climate change objectives are met

December 20, 2018: During the recent United Nations COP24 conference in Katowice, Poland, the European Union extended its 2030 renewable energy target from 27% to 32%, and announced that it would be supporting households producing their own energy by making them exempt from charges and fees on the energy that they produce.

The revised energy goals, which also include an increased minimal energy efficiency target of 32.5%, are aimed at stimulating Europes industrial competitiveness, boosting growth and jobs, reducing energy bills, help tackle energy poverty and improving air quality. The revised numbers are also aimed at implementing a stronger framework and governance system for Europes Energy Union, and are expected to result in a steeper emission reduction from 40% to 45% by 2030.

In order to achieve these more aggressive targets, EU lawmakers have urged homeowners to switch from traditional grid-based energy sources to producing their own energy via renewable energy sources such as photovoltaics. When the revised energy targets are introduced on December 24, 2018, households in EU member states that convert to solar energy and other renewable sources will become exempt from paying any surplus on the energy they produce.

The EU has yet to announce how much of a benefit the removal of subsidies and fees on renewable energy will be worth to each home. However, renewable energy as a household power source has gained traction across Europe in recent years - since 2010, over 800,000 households in the United Kingdom have adopted solar panels as their primary source of energy, and the Spanish government recently scrapped its controversial 7% ‘solar tax, which means Spanish homes now save around EUR 70 per-month on their electricity bills. In Sweden, Volvo is recycling its old bus batteries into solar energy storage units - these are then used to power the solar panels on the Positive Footprint Housing apartment building, which aims to be the most Swedish sustainable housing project to-date.

"We have seen over the years how industries have adopted solar energy as way of reducing their outgoings and fulfilling their social responsibilities," said Sun Investment Groups chief business development officer, Andrius Terskovas. "Given the new renewable targets introduced by the EU in Katowice, the significant reductions in emissions and utility bill costs that solar brings, plus the union-wide removal of tariffs on energy produced by each home following its conversion to solar, then there is now really no excuse for European households to continue to rely on traditional energy sources over the next 11 years."

It has been evident that recent years that solar energy is becoming increasingly popular as a power source for European households, and the EUs recently revised renewable plans have made the conversion away from outdated energy sources significantly more attractive and the 2030 energy targets more attainable than ever.

ABOUT SUN INVESTMENT GROUP

Sun Investment Group (SIG) was founded in 2011 as an investment management and development company focused on solar energy assets within investment-grade markets. It has extensive experience in developing solar power projects across Europe. SIG holds one of the biggest solar PV portfolio in Poland and in the Central-Eastern Europe region in general, where it owns a number of separate projects with a cumulative power of 42,36 MWp; approximately 15% of the countrys total market. SIG has already developed over 20 MWp of solar projects in Lithuania and UK. The company targets to develop and construct at least 100 MW in Poland, Italy and the Netherlands in the next year. https://suninvestmentgroup.com.