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German solar power boom sees skyrocketing revenue

This amount could even reach a whopping €1 billion ($1.45 billion) in 2025, Solarwatt’s chief executive told Reuters, and the company has ambitious plans to raise its staff numbers to 940 this year from 810 in 2022 and 600 in 2021.

In 2022, Solarwatt’s sales totaled €330 million ($479 million), doubling its 2021 revenues that came in at €160 million ($232 million).

Strong and healthy

“Growth is strong and healthy,” Detlef Neuhaus said in a Reuters interview.

There is a rush all over Europe to install solar panels, batteries, and heat pumps to decrease citizens’ reliance on Russian energy and its accompanying significant prices that keep on rising.

“We are a life-long supplier to people who want to become self-reliant on renewable energy,” said Neuhaus.

Solarwatt’s high-end photovoltaic rooftop systems can be combined with their own storage batteries and energy management devices or those originating from other suppliers.

This makes the firm less susceptible to being overtaken by cheaper Asian rivals that have brought down some other German solar firms in the past 10 years.

Solarwatt’s technology can also help owners who wish to reduce their impact on the environment, both in how they power their homes, and in how they run their electric cars.

“That is logical, given home solar production costs 10 to 12 cents per kilowatt hour (kWh) and buying-in from the utilities costs 45 cents,” Neuhaus said.

Difficult times

Not all is rosy, though. Despite its current success, Solarwatt is still struggling with a lack of parts and labor.

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