Solar photovoltaic energy has allowed Spanish consumers to save €17.021 billion in just 18 months , between January 2025 and June 2026, thanks to its ability to reduce the price of electricity in the wholesale market. This is revealed in a new study by the Spanish Photovoltaic Union (UNEF), which quantifies the economic benefit of this technology for Spanish society as a whole.
The analysis shows that electricity would have been considerably more expensive without the contribution of photovoltaics. During the period studied, the average daily market price was €60.2/MWh, compared to €112/MWh without solar energy, representing a 46% reduction. In other words, the price of electricity would have been 86% higher without photovoltaics.
This effect benefits all consumers, including families, businesses, and industry, by reducing electricity costs in the wholesale market.
The results highlight the profitability of investing in solar energy: for every euro that Spanish society invests in photovoltaics, it obtains savings of eight euros in the price of electricity , according to the relationship between investment and savings that having this technology in our electricity mix entails.
Self-consumption also makes electricity cheaper for everyone
One of the main conclusions of the study is that the economic benefits of photovoltaics do not come solely from ground-mounted solar plants. Self-consumption by homes and businesses also contributes to reducing the cost of electricity for all Spanish consumers.
According to UNEF's analysis, of the estimated 17,021 million euros in savings over the 18 months, 2,791 million correspond to the contribution of self-consumption , while the remaining 14,230 million are attributed to the generation of photovoltaic plants on the ground.
When a home or business produces and consumes its own electricity, it reduces the amount of energy it needs to purchase from the grid. This lower demand helps to keep electricity market prices down and generates benefits that extend beyond the individual savings of those with a self-consumption system.
In this way, self-consumption not only allows those who install solar panels to reduce their bills, but also helps to lower the cost of electricity consumed by other households, businesses and industries .
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Savings that will increase in 2026
The study estimates that photovoltaics will generate savings of 10.863 billion euros during 2025 , plus an additional 6.158 billion euros during the first half of 2026 .
The difference between the actual price of electricity and the price that would have been recorded without photovoltaics has remained constant throughout all the months analyzed.
In June 2026, for example, the average daily market price was €69.6/MWh, while without the contribution of solar plants and self-consumption it would have reached €162.7/MWh.
These results confirm that the deployment of photovoltaic energy is a fundamental tool for containing the cost of electricity and improving the competitiveness of the Spanish economy.
“Photovoltaics is much more than an electricity generation technology: it is a strategic commitment to Spain’s energy security and competitiveness. We have the enormous advantage of having our own abundant and free resource, the sun, which allows us to produce electricity without depending on the import of fossil fuels and reduce our exposure to the volatility of international markets,” highlighted José Donoso, CEO of UNEF .
“Furthermore, self-consumption is destined to play a fundamental role in the reindustrialization of our country. It allows companies to access more competitive electricity, reduce their energy costs, and gain autonomy, creating better conditions for attracting investment, developing new industrial activities, and generating employment. Investing in photovoltaics means investing in a more competitive, more industrialized Spain with greater security of supply,” he added.
About the study:
- The study calculates what the daily market price would have been without photovoltaics between January 2025 and June 2026, using data from OMIE, Red Eléctrica, and UNEF. To do this, UNEF replicates OMIE's clearing calculations without the energy from solar plants or self-consumption installations in homes and businesses, and takes into account the response to the new price from the other technologies participating in the market. The difference between the actual cost of energy purchased on the daily market and the cost that would have resulted without photovoltaics represents the savings that this technology generates for Spanish electricity demand.
- The analysis focuses on the day-ahead market and does not include technical restrictions, ancillary services, or forward contracts, which also contribute to the final electricity price. The savings each consumer sees on their bill will depend on their tariff and energy supplier. The response from combined cycle and hydroelectric plants is based on their previous bids, although with changes of this magnitude, their bidding strategies could be different.
