Greek Refloat On Solar Power

Solar power is something no one can shy away from anymore. Not only does solar energy provide clean, cheap power to households and businesses helping to cut CO2 emissions and save money on electricity bills, it now could also be the answer to Greece’s current economic situation.

There has been a huge amount of press coverage over the debt crisis in Greece in recent months due to the effect it has on all EU countries.

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  • Greece owes large sums of money to other EU member states that have helped to bail them out of the financial situation they are in. It has now been suggested that Greece could start to repay some of this debt by providing solar power to other EU countries.

    There is no quick or easy solution to Greece’s current economic state, but the solar energy plans for Greece are thought to be able to cut their debt by 15 billion euros over time.

    European leaders sent a joint statement via email on 27th October to announce that Greece will use future profits from project Helios to cut their debt; "Greece commits future cash flows from project Helios, or other privatisation revenue in excess of those already included in the adjustment programme, to further reduce indebtedness of the Hellenic Republic by up to 15 billion euros with the aim of restoring the lending capacity of the European Financial Stability Fund".

    In September 2011 Athens announced an optimistic plan, Project Helios, for a massive expansion of Greece’s solar production from 260MW to 2.2GW by 2020 and then to 10.GW by 2050. It is thought this plan will be initially funded by Germany, the 20 billion euro scheme could generate between 30,000 and 60,000 jobs. Greece receives 50% more solar radiation than Germany but currently its solar output is approximately 80 times smaller. Over a 25 year period this project has been estimated to be able to generate 80 billion euros.

    Solar energy as a renewable energy source is of critical importance as it is a clean way of producing energy. Photovoltaic solar panels are made up of PV cells that are able to absorb daylight and then use the converter within the panel to convert daylight into a usable electrical current. Solar power is growing in popularity in countries such as Germany and the UK where there are schemes in place to incentivise households and businesses to invest in solar technologies. Countries such as Greece and other more southern EU countries are able to produce solar energy at a better rate than the more northerly countries as they receive more sunlight.

    Solar power is created exponentially – the more sun, the more power is produced, therefore this is more likely to stay relatively constant throughout the year in countries such as Greece where the weather does not experience seasons so much. In the UK we are able to produce more solar power in the summer months than we are in the winter months.

    Solar power and other alternative energy sources are the future, the energy industry as we have known if for the last few decades is changing and needs to change to support the movement to reduce carbon emissions.Solar power is something no one can shy away from anymore. Not only does solar power provide clean, cheap power to households and businesses helping to cut CO2 emissions and save money on electricity bills, it now could also be the answer to Greece’s current economic situation.

    There has been a huge amount of press coverage over the debt crisis in Greece in recent months due to the effect it has on all EU countries. Greece owes large sums of money to other EU member states that have helped to bail them out of the financial situation they are in. It has now been suggested that Greece could start to repay some of this debt by providing solar energy to other EU countries. There is no quick or easy solution to Greece’s current economic state, but the solar power plans for Greece are thought to be able to cut their debt by 15 billion euros over time.

    European leaders sent a joint statement via email on 27th October to announce that Greece will use future profits from project Helios to cut their debt; "Greece commits future cash flows from project Helios, or other privatisation revenue in excess of those already included in the adjustment programme, to further reduce indebtedness of the Hellenic Republic by up to 15 billion euros with the aim of restoring the lending capacity of the European Financial Stability Fund".

    In September 2011 Athens announced an optimistic plan, Project Helios, for a massive expansion of Greece’s solar production from 260MW to 2.2GW by 2020 and then to 10.GW by 2050. It is thought this plan will be initially funded by Germany, the 20 billion euro scheme could generate between 30,000 and 60,000 jobs. Greece receives 50% more solar radiation than Germany but currently its solar output is approximately 80 times smaller. Over a 25 year period this project has been estimated to be able to generate 80 billion euros.

    Solar energy as a renewable energy source is of critical importance as it is a clean way of producing energy. Photovoltaic solar panels are made up of PV cells that are able to absorb daylight and then use the converter within the panel to convert daylight into a usable electrical current. Solar power is growing in popularity in countries such as Germany and the UK where there are schemes in place to incentivise households and businesses to invest in solar technologies. Countries such as Greece and other more southern EU countries are able to produce solar power at a better rate than the more northerly countries as they receive more sunlight.

    Solar energy is created exponentially – the more sun, the more power is produced, therefore this is more likely to stay relatively constant throughout the year in countries such as Greece where the weather does not experience seasons so much. In the UK we are able to produce more solar power in the summer months than we are in the winter months.

    Solar energy and other alternative energy sources are the future, the energy industry as we have known if for the last few decades is changing and needs to change to support the movement to reduce carbon emissions.