The total production capacity of solar panels in Monaco is 106 MW.⁵

⁶

Exact solar production capacity goals are not give but,

• The Principality has set an ambitious target of sourcing 20 percent of its electricity from renewable sources by 2030.

Monaco has no domestic sources of fossil fuels and relies entirely on imports of electricity, gas and fuels from France. Following are the cost of production of electricity for different sources in France.²⁴²⁵

• Deep Geothermal and Tidal Energy: 218 USD/MWh
• Fixed Offshore Wind Turbines: 147.15 USD/MWh
• Onshore Wind Plants: 70.85 USD/MWh
• Floating Offshore Wind Plants: 65.40 USD/MWh
• Ground-Mounted Solar Photovoltaics: 59.95 USD/MWh

Exact percentages for all sources are not given but following data is available:⁷⁹

• The Principality of Monaco boasts an impressive 75% of its electricity coming from renewable sources. Its diverse energy mix includes solar, wind, tidal, wave, hydroelectric, geothermal, biomass, and seawater heat pumps.
• Notably, seawater heat pumps, which harness the temperature of the Mediterranean Sea, contribute almost 20% of Monaco’s energy production. Additionally, Monaco leverages ocean thermal energy and geothermal energy to power its buildings.
• Ocean thermal energy utilizes heat pumps to extract heat or cold from seawater, while geothermal energy employs underground probes to provide heating and cooling, with some buildings featuring these probes in their foundations.

⁴

• Monaco’s power grid is supplied by France and mirrors the French system.
• As France plans to implement rolling two-hour power outages nationwide starting January 2023, Monaco’s electricity and gas provider, Société Monégasque de l’Electricité et du Gaz (SMEG), is preparing for a similar situation.
• However, unlike France, the outages in Monaco will be limited to approximately 10% of the principality, minimizing the impact on the country.

⁸

Current Installations

Specific number is not available for residential solar panel installations, however,

• In Monaco, various buildings have adopted solar power generation, including residential complexes like Hélios and Jardins d’Apolline, as well as commercial properties such as the SBM Offshore building in Fontvieille, which harness solar energy to produce electricity and reduce their carbon footprint.

Projected Installations⁹¹⁰

Not specified, but, In June 2017, the Monaco Government launched an innovative online solar resource map, available to the public at (link unavailable) This interactive tool provides valuable information on the solar PV production potential of every rooftop in Monaco, empowering residents and businesses to assess their suitability for installing solar rooftop systems and harnessing renewable energy.

²³

Installed Solar Farms

Total number of solar farms is not given but information of two notable solar farms is present;

• The Grimaldi Forum (September 2019)
• The Monte-Carlo Bay Installation

Projected Solar Farms¹¹

• One solar farm is projected, which will start working in 2024.

The off-grid market in Monaco is minimal due to the small size and urban nature of the country.¹²

¹³

Current Demand

• The majority of solar installations in Monaco are on-grid systems, primarily comprising rooftop solar panels on residential and commercial buildings.
• A diverse range of structures throughout the Principality have adopted rooftop solar, including schools, crèches, the Fontvieille fire station, and various office and residential buildings.
• In line with its ambitious climate goals, Monaco has pledged to reduce its greenhouse gas emissions to 50% of 1990 levels by 2030 and achieve carbon neutrality by 2050, demonstrating its commitment to a sustainable future.

Future Market Demand

Not specified but, expected to grow with government incentives and decreasing technology costs.

A Solar Engineer working in Monaco will typically earn around $52,058.40 per year, with salaries ranging from the lowest average of about $21,778.20 to the highest average of $79,069.80.¹⁴

The current population of Monaco is 36,150.¹⁵

Estimate for Factory Rent¹⁶

1. Average Warehouse Rental Cost

• The average monthly rental price for the 1,750 square meter industrial space is approximately $32,700.
• Additional service charges of $4,933.34 per month apply. Please note that the rent is tax-exclusive, with a 20% VAT applicable, plus other extra charges.
• Furthermore, parking rental fees are not included in the quoted price and will incur an additional cost.

Business Electricity Price (December 2023)

Electricity tariff for industry is as same as in France. Hence, per unit price is 0.191USD.¹⁷¹⁸

Key Components of Administrative Costs

Salaries and Wages:

A Solar Engineer working in Monaco will typically earn around $52,058.40 per year, with salaries ranging from the lowest average of about $21,778.20 to the highest average of $79,069.80.¹⁴

Rent for Office Space

If the administrative office is separate from the factory than the rental prices for offices in Monaco can vary based on location, size, and amenities.¹⁹

Le 26 Carré Or (Monaco – Carré d’Or):

• Size: 721 sqm
• Monthly Rent: $76,300
• These exceptional offices are located in the prestigious “26 Carré Or” building on Avenue de la Costa.

Fontvieille Marina:

• Size: 55 sqm
• Monthly Rent: $8,175
• Nicely refurbished office near the Fontvieille shopping center, equipped with air conditioning and heating.

Le Raphael (Fontvieille):

• Size: 94 sqm
• Monthly Rent: $9,483
• Spacious administrative offices in perfect condition, overlooking gardens and featuring a large showcase window.

Electricity Generation

Monaco relies heavily on imported electricity, mainly from France, and supplements with solar and natural gas.

Transmission & Distribution²⁰

• To address the growing electricity demands of the Principality, a new substation has been inaugurated to complement the existing two substations in Fontvieille and the Sainte-Dévote valley, which are currently operating at 80% capacity.
• Strategically located to serve the eastern area of Monaco, the new substation will significantly enhance the territory’s electricity supply security and support ongoing economic development, increasing the overall supply capacity by 50%.

Energy Access²¹

In 2021, 100% of Monaco’s population had access to electricity.

Energy Exports

None; Monaco imports most of its electricity.

²²

1. Environmental Conservation Act

Overview: This act mandates that all industrial activities, including solar panel production, must undergo an environmental impact assessment (EIA).

Details: The EIA process evaluates the potential environmental effects of a proposed project before any development begins. It aims to mitigate negative impacts on the environment and ensure sustainable practices. Companies must submit detailed reports outlining their plans and how they will address any environmental concerns.

2. Monaco Sustainable Energy Authority (MSEA) Act

Overview: The MSEA Act regulates and promotes sustainable energy development, including solar energy projects.

Details: The act establishes guidelines for the installation and operation of solar panels. It includes standards for equipment quality, installation procedures, and maintenance practices to ensure efficiency and safety. The MSEA also provides certifications for compliant installations and companies.

3. Feed-in Tariffs (FiTs) and Incentives:

Overview: To encourage the adoption of renewable energy, the government of Monaco has implemented a feed-in tariff system.

Details: Under this system, solar energy producers can sell the electricity they generate back to the grid at a guaranteed price, which is typically higher than the market rate. This financial incentive helps offset the initial costs of solar panel installation and makes solar projects more economically viable.

Following are details about regulations and subsidies related to solar panel production and installation in Monaco²³⁷⁹

National Green Fund

The installation of solar panels on the roofs of public buildings in the Principality has been made possible by the National Green Fund. Established in 2016, the Fund, partially financed by the State’s budget surplus, provides money for a range of projects.

Government financial incentive

It is an incentive for property owners for the implementation of renewable energy resources. These incentives help with financial burdens for struggling owners. There is another benefit of using renewable energy: the buyback of excess power produced from solar panels. Homeowners are able to sell this excess power for a guaranteed price.

Monaco’s government Grants

Monaco’s government has also been promoting the use of solar energy by offering grants for the installation of solar panels since 2008. In 2017, the government also published an online solar resource map that provides information on the solar PV production capacity of every roof in the country. This interactive map allows users to identify each roof’s potential solar resource, the area where photovoltaic panels could be installed, and the possible annual electricity production.

²³

Installed Projects

The Grimaldi Forum (September 2019)

• The Grimaldi Forum has become the Principality’s largest solar power plant, boasting an impressive 2,500 square meters of solar panels comprising 1,500 modules.
• With an annual energy production of nearly 650 megawatt-hours (MWh), this eco-friendly facility is poised to make a significant impact.
• Its strategic location and optimal sun exposure, thanks to its 15-meter height, enable the congress center to generate enough electricity to power not only its own operations but also numerous nearby homes, setting an example of sustainability in the heart of Monaco.

The Monte-Carlo Bay

• In April 2019, the Monte-Carlo Bay pioneered a groundbreaking initiative by installing solar panels on a portion of its rooftop.
• This innovative project, completed in just over four months without interrupting the establishment’s activities, features 789 solar cells expected to generate 160,000 kilowatt-hours (kWh) annually.
• This renewable energy output is equivalent to the electricity consumption of 30 households, making it a significant step towards sustainability and a model for future eco-friendly endeavors.

Projected Projects¹¹

30 MW solar Park

• The Monaco photovoltaic park project, situated in a picturesque natural setting in France, is poised to make a substantial contribution to renewable energy production.
• With a capacity of precisely 29.998 megawatts (MW), the park is expected to have a significant impact on the region’s clean energy landscape.
• The project comes with an estimated price tag of approximately $27.448 million, representing a considerable investment in Monaco’s commitment to sustainable energy solutions.

WTS Energy

Website: https://www.wtsenergy.com/wts-energy-monaco/

As a leading global workforce solutions provider, WTS Energy is well positioned company to support diversifying energy landscapes of Monaco. Whether it’s supporting the growth of renewable in France and Monaco or aiding in Gabon’s energy transition, their expanded presence enables to offer tailored solutions to clients’ unique challenges.

Monaco Energies Renouvelables (M.E.R.)

Website:https://www.linkedin.com/company/monaco-energies-renouvelables-mer?originalSubdomain=mc

Details: M.E.R. is a joint venture between the Prince’s Government and the Société Monégasque de l’Electricité et du Gaz (SMEG). It aims to invest in renewable energy projects globally. Recently, M.E.R. acquired eight photovoltaic parks in the south of France, representing a production capacity of 46,000 MWh/year​

SVANTE KUMLIN ECO ENERGY WORLD

Address: ESTORIL BLOC B, 31 Av. Princesse Grace, 98000 Monaco

Phone: +33 6 25 53 06 74

Details: solar Energy Company in Monaco.