This summer, Europe produced a record amount of solar electricity, saving 29 billion euros in the process, Bloomberg reported on Thursday, citing data from the British think tank Ember.

Solar panels accounted for about 12% of electricity generated in the European Union from May to August, according to researchers. The volume corresponds to 99.4 terawatt-hours (TWh), which is 28% more than a year earlier. Producing the same amount of electricity would cost Europe 29 billion euros ($28.9 billion) if gas-fired power plants were used.

The authors of the study explain that demand for electricity increased sharply this summer as Europe suffered from sweltering heat. At the same time, most of France’s nuclear reactors were shut down for routine maintenance, and drought became an obstacle to the successful operation of hydroelectric power plants.

“The investment in solar energy has paid off. Every terawatt-hour of solar energy has helped reduce natural gas consumption, saving billions for European citizens. It is clear that now we need as much solar energy as we can get, ”Bloomberg reported.

However, analysts warn that in winter, when the days are getting shorter, solar panels will not be able to provide as much benefit. Then, to fill the energy gap, European countries will have to switch to “less predictable” wind turbines, they say.

Source: Bloomberg, APE-MPE.