Jul 14, 2025 · Important transactions have emerged in the international renewable energy sector. On July 13th, SUNOTEC, a well-known European renewable energy service provider, officially
Apr 29, 2025 · The unified gas transmission and storage system operator AS Conexus Baltic Grid (Conexus) will complete the seven-year-long modernization project of the Inčukalns
Nov 2, 2024 · The combination of batteries with wind or solar generation also facilitates an efficient use of the transmission infrastructure, which benefits all system users in the long term,
Nov 4, 2024 · Located in the Ventspils region, right next to the Targale wind park, the BESS project took about two years to be realised and will be connected to the Latvian electricity
Latvia’s energy system is largely based on renewable resources, primarily hydropower from the Daugava River, supplemented by wind, solar, and biomass. While natural gas imports cover energy shortages, the country aims to increase wind and solar energy capacity, with significant progress already made in 2022.
Solar and wind energy production alone experienced an impressive 92% surge in 2023 compared to 2022, and this momentum shows no signs of slowing down. Building on these achievements, Latvia has set ambitious targets for its green energy transition.
This joint Latvian-Estonian offshore wind farm, set for completion by 2030, will strengthen both countries’ energy independence while advancing the goals of the European Green Deal. “Latvia’s push for renewable energy, highlighted by projects like the ‘Elwind,’ is bringing in fresh investment and boosting our energy independence.
The electricity grid in Latvia, however, is primarily managed by Sadales tīkls, the largest distribution system operator that serves 99% of the country’s territory. Both public and private energy companies, such as AST and Latvenergo, participate in the sector.
As global demand for green energy rises, these partnerships represent logical steps toward Latvia’s commitment to energy independence and sustainability. Green energy isn’t just a vision for the future though. We’ve already made substantial strides in sustainably managing our natural resources, and the numbers speak for themselves.
We’ve already made substantial strides in sustainably managing our natural resources, and the numbers speak for themselves. In 2023, Latvia ranked among the top three countries in the European Union for renewable energy use, with renewables accounting for 43.5% of our energy consumption.
The global residential solar storage and inverter market is experiencing rapid expansion, with demand increasing by over 300% in the past three years. Home energy storage solutions now account for approximately 35% of all new residential solar installations worldwide. North America leads with 38% market share, driven by homeowner energy independence goals and federal tax credits that reduce total system costs by 26-30%. Europe follows with 32% market share, where standardized home storage designs have cut installation timelines by 55% compared to custom solutions. Asia-Pacific represents the fastest-growing region at 45% CAGR, with manufacturing innovations reducing system prices by 18% annually. Emerging markets are adopting residential storage for backup power and energy cost reduction, with typical payback periods of 4-7 years. Modern home installations now feature integrated systems with 10-30kWh capacity at costs below $700/kWh for complete residential energy solutions.
Technological advancements are dramatically improving home solar storage and inverter performance while reducing costs. Next-generation battery management systems maintain optimal performance with 40% less energy loss, extending battery lifespan to 15+ years. Standardized plug-and-play designs have reduced installation costs from $1,200/kW to $650/kW since 2022. Smart integration features now allow home systems to operate as virtual power plants, increasing homeowner savings by 35% through time-of-use optimization and grid services. Safety innovations including multi-stage protection and thermal management systems have reduced insurance premiums by 25% for solar storage installations. New modular designs enable capacity expansion through simple battery additions at just $600/kWh for incremental storage. These innovations have improved ROI significantly, with residential projects typically achieving payback in 5-8 years depending on local electricity rates and incentive programs. Recent pricing trends show standard home systems (5-10kWh) starting at $8,000 and premium systems (15-20kWh) from $12,000, with financing options available for homeowners.