Brief overview
The consulting firm enervis has produced a current short study on behalf of the German Solar Association (BSW-Solar). According to it, the approximately 118 GWp installed Photovoltaic power German wholesale electricity prices for 2025 on an annual average by 20,8 %. The total economic value of PV generation – from avoided procurement costs and additional export revenues – amounted to in 2025 15.7 billion euros. With that he was 44 % on EEG Subsidy Costs for photovoltaics.
Key findings of the study
For the analysis, enervis modeled two scenarios against each other. In scenario one, the study compares the actual market development in 2025 with the actually installed PV capacity of around 118 GWp. In the second hypothetical comparison scenario, it simulates the case entirely without PV generation in Germany. The basis is enervis's European power market fundamental model with hourly resolution.
It is important to consider that the Savings for all consumers applies. If own electricity generation is added, the effects are naturally amplified even further.
| Reference scenario (with PV) | Scenario without PV | Effect | |
| Average wholesale price 2025 | 89.3 €/MWh | 112.8 €/MWh | –20.8 % (–23.5 €/MWh) |
| share of green electricity | 63 % | 45 % | –18 % |
| Additional fuel requirement | – | approx. 3.96 billion m³ of gas, approx. 11 million t coal | – |
| Industrial plant savings (10 GWh/year) | – | – | approx. €235,000/year |
| Household savings (4 MWh/year) | – | – | approx. €94/year |
According to the study, the price-damping effect occurs in all months. However, it is most pronounced in the summer months and at midday. These are precisely the periods when PV feed-in is highest and, via the merit-order effect, pushes conventional, more expensive power plants out of the market.
Total value of reduced electricity costs exceeds funding costs
results for 2025 from the price difference in the wholesale market (13.1 billion euros) and additional revenues from electricity exports (2.6 billion euros) is total economic value the PV generation of 15.7 billion euros. This figure was approximately 44 % higher than the EEG subsidy costs for photovoltaics expected for 2025. BSW-Solar sees this as proof that government solar subsidies are now also paying off in full from an economic perspective. Not included are there any other effects like avoided climate change damage costs.
Classification: PV lowers prices, flexibility further increases the benefit
The current enervis study looks exclusively at the pure merit-order effect of PV generation on the wholesale market. It thus complements the results of the short study from early summer 2026 by the Fraunhofer Institute for Energy Economics and Energy System Technology (IEE), which was also commissioned by the BEE. Fraunhofer highlighted the additional macroeconomic benefits of storage systems and other flexibility options. Accordingly, Battery storage systems save the power system 3.9 billion euros per year relieve.
While the current enervis study quantifies the value of PV generation, the Fraunhofer analysis shows the potential of additional storage systems. Around 20 GW of storage capacity with a four-hour duration could close a large part of the existing flexibility gap. This would help reduce negative electricity prices, curtailment, and subsidy costs.
Both studies thus arrive at a similar conclusion: The further expansion of photovoltaics remains economically viable. However, it will only unfold its full impact in combination with storage systems and additional flexibility. Read more in the article: Flexibility trading for BESS operators.
Political context
The new enervis study underscores the demands of BSW-Solar for a continued reliable framework for photovoltaic expansion. The results clearly show that photovoltaics lower exchange electricity prices for everyone and make Germany's energy supply more resilient. Especially with regard to the upcoming and planned reforms EEG 2027 & Grid Package, this note is particularly important and a clear signal to the Bundestag, which still has to vote on it. The association has long argued for accelerated PV deployment combined with an accelerated expansion of battery storage systems. The now proven discrepancy between subsidy costs and the market value of photovoltaic provides an additional economic justification for this.
Frequently Asked Questions
How was the price reduction by PV calculated?
enervis used a European electricity market model to simulate two hourly scenarios for 2025: one with the actually installed PV capacity of around 118 GWp and one without any PV generation. The difference in the resulting electricity prices yields the price effect.
What happens to the missing amount of electricity without a PV system?
According to the study, the missing PV generation would be replaced predominantly by additional electricity imports and increased generation from domestic gas and coal-fired power plants—with a correspondingly higher fuel demand and an 18 percentage point lower share of green electricity.
Are grid fees included in the 15.7 billion euros?
No. The study exclusively evaluates the wholesale market as well as additional export revenues. Grid costs, fees, and other macroeconomic effects (e.g., avoided climate damage) are not taken into account.
How does the study relate to the Fraunhofer IEE flexibility study?
Both studies complement each other: enervis shows the pure price effect of the already installed PV capacity, while Fraunhofer IEE/BEE shows the additional benefits that targeted battery storage expansion could unlock to close the remaining flexibility gap.
Sources
- enervis energy advisors GmbH for BSW-Solar: „Study on the impact of photovoltaic generation on wholesale electricity prices”, Berlin, 06/18/2026
- German Solar Association (BSW-Solar): Press release „Study: Without solar power, exchange electricity prices would be around 20 percent higher”, September 2, 2026