Sales of OP financed solar panels drop by 50% in Finland in H1

Sales of solar panels financed by OP decreased in Finland by about 50% in the first six months of this year, compared to the same period last year, according to OP Corporate Bank statistics published on Thursday.

Solar panels are typically installed in homes and holiday homes and spring and summer are usually the busiest seasons for solar panel sales.

"Demand for solar panels closely follows electricity prices. In 2022 and 2023, rising electricity prices caused demand for solar panels to surge. Although sales numbers are down this year, this indicates a return to normal rather than a sharp drop in demand," said Jari Jaulimo, Director, Transaction Banking at OP Corporate Bank.

Solar power is also used by businesses, but demand still lags behind the consumer segment.

"In the corporate segment, while larger in scale, solar power projects are still fairly few in number. Even in smaller companies, the potential exists to make better use of solar power: for example, the rooftops of commercial premises could be used for producing solar power," Jaulimo said.

As regulations tighten, tapping into solar power could provide smaller companies with a competitive edge.

"Increasing numbers of large companies require energy efficiency and a low carbon footprint from their subcontractors and suppliers. Expanding the use of renewable energy, such as solar power, is one way to reduce emissions and to meet the stricter sustainability requirements on SMEs," Jaulimo added.

Pohjola Insurance statistics showed that accidents and risks are also involved with solar panels.

In recent years, accidents caused by carelessly or incorrectly installed panels have become more frequent.

"In serious accidents, the underlying cause is often either an installation error or carelessness. Based on loss reports submitted to us, we can see that installation errors can cause damage to the panels or to where they are usually installed – the roof," said Sini Kujala, Claims Team Manager at Pohjola Insurance.