Solar PV reduced Spain’s wholesale electricity costs by an estimated €17.02 billion between January 2025 and June 2026, according to Spanish PV association UNEF.

The association estimates that average day-ahead electricity prices would have been 86% higher without solar generation.

The study compares actual day-ahead market prices with a modeled scenario excluding generation from utility-scale PV plants and self-consumption systems. Without solar, the average price would have reached €112/MWh, compared with the recorded €60.2/MWh, representing a 46% reduction.

Utility-scale PV accounted for €14.23 billion of the estimated savings, while residential and commercial self-consumption contributed €2.79 billion. The total comprised €10.86 billion in 2025 and €6.16 billion in the first half of 2026.

UNEF attributes the effect to the marginal pricing mechanism of the day-ahead market. Solar generation, with its low variable costs, displaces more expensive electricity sources, lowering the market-clearing price. Self-consumption contributes by reducing demand from the grid, benefiting consumers beyond those with rooftop installations.

The association also estimates that every euro invested in solar PV generates €8 in wholesale electricity price savings.

The price effect was particularly pronounced in June 2026, when the average day-ahead market price stood at €69.6/MWh. UNEF estimates that it would have reached €162.7/MWh without solar generation, a difference of €93.1/MWh.

The analysis uses data from Iberian electricity market operator OMIE, Spanish grid operator Red Eléctrica and UNEF to model market clearing without utility-scale PV and self-consumption. It also considers how other generation technologies would respond to changes in electricity prices.

However, the findings do not translate directly into equivalent savings on consumers’ electricity bills.

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