Serbia Solar Report

Discover comprehensive insights into the statistics, market trends, and growth potential surrounding the solar panel manufacturing industry in Serbia

  1. Energetski portal (n.d.). Why should we use solar energy at all? Retrieved June 14, 2024, from https://www.energetskiportal.com/renewable-energy/solar-energy/
  2. Digital Archive of the Serbian Academy of Sciences and Arts (n.d.). Estimation of photovoltaic power generation potential in Serbia based on irradiance, air temperature, and wind speed data. Retrieved June 14, 2024, from https://dais.sanu.ac.rs/handle/123456789/4710
  3. Country economy portal (2023, December). Serbia – Household electricity prices. Retrieved June 14, 2024, from https://countryeconomy.com/energy-and-environment/electricity-price-household/serbia
  4. Statista. (2024, June 28). Average monthly electricity wholesale price in Serbia from January 2019 to May 2024. Retrieved June 14, 2024, from https://www.statista.com/statistics/1314558/serbia-monthly-wholesale-electricity-price/
  5. Advanced Energy Technologies Energy industry in Serbia. (2024, April 23). Republic of Serbia security of supply statement. Retrieved June 14, 2024, from https://www.energy-community.org/dam/jcr:1c39f3a3-a310-43d4-9722-72e852e13381/SoSS_RS_122021.pdf
  6. Balkan Green Energy News (2024, May 24). Serbia’s new grid connection rules are test for operator, investors. Retrieved June 14, 2024, from https://balkangreenenergynews.com/serbias-new-grid-connection-rules-are-test-for-operator-investors/
  7. Klima 101 (2024, March 26). If we want 1.7 GW of solar by 2030, we should focus on small power plants, instead of just large solar projects. Retrieved June 14, 2024, from https://klima101.rs/male-solarne-elektrane-srbija/
  8. Integrated national energy and climate plan of the Republic of Serbia for the period up to 2030 with a vision up to 2050 (2023, December). Retrieved June 14, 2024, from https://www.mre.gov.rs/extfile/sr/3045/NACRT%20INECP%20NAKON%20JAVNIH%20KONSULTACIJA_Serbia_Final_SR%20DECEMBAR%202023.docx
  9. Danas (2021, March 01). Green kilowatt prices may still be higher than market prices. Retrieved June 14, 2024, from https://www.danas.rs/vesti/ekonomija/cene-zelenih-kilovata-i-dalje-mogu-biti-vece-od-trzisnih/
  10. Direktno (2024, February 12). We compared the electricity prices of countries in the region with Serbia… Retrieved June 14, 2024, from https://direktno.rs/vesti/drustvo-i-ekonomija/511527/struja-cene-region-srbija.html
  11. Wikipedia (n.d.). Energy in Serbia. Retrieved June 14, 2024, from https://en.wikipedia.org/wiki/Energy_in_Serbia#Renewable_energy
  12. Ministry of Mining and Energy (2023, January 17). Despite the energy crisis, a stable supply of electricity and gas. Retrieved June 14, 2024, from https://www.mre.gov.rs/vest/sr/424/uprkos-energetskoj-krizi-stabilno-snabdevanje-strujom-i-gasom-.php
  13. Bloomberg Adria (2024, May 08). The installed power of all prosumers in Serbia reached 50 megawatts. Retrieved June 14, 2024, from https://rs.bloombergadria.com/ekonomija/srbija/58021/instalisana-snaga-svih-prozjumera-u-srbiji-dostigla-50-megavata/news
  14. Electro distribution of Serbia (n.d.). Register of prosumers – households. Retrieved June 14, 2024, from https://elektrodistribucija.rs/pdf/DOMACINSTVA.pdf
  15. Electro distribution of Serbia (n.d.). Register of prosumers – Others. Retrieved June 14, 2024, from https://elektrodistribucija.rs/pdf/OSTALI_KP.pdf
  16. Electro distribution of Serbia (n.d.). Register of prosumers – power plants. Retrieved June 14, 2024, from https://elektrodistribucija.rs/pdf/ELEKTRANE.pdf
  17. eKapija (2024, June 26) Over 60 MW of solar power plants installed in Serbia. Retrieved July 2, 2024, from https://www.ekapija.com/en/news/4750212/over-60-mw-of-solar-power-plants-installed-in-serbia
  18. Repower Project (2020, December 30). Using solar energy is getting easier in Serbia – what you need to know to produce your own electricity. Retrieved June 14, 2024, from https://repower-project.com/index.php/en/info-eng/164-using-solar-energy-is-getting-easier-in-serbia-what-you-need-to-know-to-produce-your-own-electricity
  19. Energetski portal (n.d.). Prosumers 2 years later. Retrieved June 14, 2024, from https://energetskiportal.rs/prozjumeri-dve-godine-posle/
  20. Statistical Office of the Republic of Serbia (2024, March). Averages salaries and wages per employee, March 2024. Retrieved June 14, 2024, from https://www.stat.gov.rs/en-us/vesti/statisticalrelease/?p=15139&a=24&s=2403?s=2403
  21. World salaries (n.d.). Average Salary in Serbia for 2024. Retrieved June 14, 2024, from https://worldsalaries.com/average-salary-in-serbia/
  22. Worldometer (n.d.). Serbian population. Retrieved June 14, 2024, from https://www.worldometers.info/world-population/serbia-population/
  23. SEECAP Financial Advisory (n.d.). Agricultural Land In Serbia, Current Prices And Future Trends. Retrieved June 14, 2024, from https://www.seecap.com/en/agroland-prices.html
  24. EU Energy (2024, May 31). Electricity prices in Serbia. Retrieved June 14, 2024, from https://euenergy.live/country.php?a2=RS
  25. Water and Sewerage Retrieved (n.d.). Pricelist. June 14, 2024, from https://www.vikns.rs/cenovnik/ 
  26. City Expert (2024, June 06). Business premises for rent in Belgrade: prices, locations, and tips for 2024. Retrieved June 14, 2024, from https://cityexpert.rs/blog/en/real-estate-market/business-premises-for-rent-in-belgrade-prices-locations-and-tips-for-2024
  27. Statista (2024, March). Property Insurance – Serbia. Retrieved June 14, 2024, from https://www.statista.com/outlook/fmo/insurances/non-life-insurances/property-insurance/serbia
  28. Advanced Energy Technologies Energy industry in Serbia. (2024, April 23). Retrieved June 14, 2024, from https://aenert.com/countries/europe/energy-industry-in-serbia/
  29. DENA German Energy Agency (2021, October). Factsheet – renewable energy in Serbia. Retrieved June 14, 2024, from https://unece.org/sites/default/files/2022-10/UNECE-REUptake_Factsheet_Serbia_Final.pdf
  30. Stojković Attorneys (2023, April 07). The Process and Requirements for Building and Operating a Solar Power Plant. Retrieved June 14, 2024, from https://statt.rs/shining-a-light-on-serbias-solar-potential-the-process-and-requirements-for-building-and-operating-a-solar-power-plant/
  31. Azimut Electric (2023). Subsidies for Solar Panels. Retrieved June 14, 2024, from https://azimut.rs/subvencije/
  32. Diplomacy & Commerce (2024, June 12). Nofar Energy Constructs the Largest Solar Power Plant in Serbia. Retrieved June 14, 2024, from https://www.diplomacyandcommerce.rs/nofar-energy-constructs-the-largest-solar-power-plant-in-serbia/
  33. The Government of Republic of Serbia (2024, April 03). Construction of solar power plants important project for Serbia’s energy sector. Retrieved June 14, 2024, from https://www.srbija.gov.rs/vest/en/221068/construction-of-solar-power-plants-important-project-for-serbias-energy-sector.php
  34. Balkan Green Energy News (2024, April 06). Serbia’s largest solar power plant, 9.9 MW, put into operation. Retrieved June 14, 2024, from https://balkangreenenergynews.com/serbias-largest-solar-power-plant-9-9-mw-put-into-operation/
  35. Enerdata (2024, January 26). Serbia announces plans to support large-scale energy projects. Retrieved June 14, 2024, from https://www.enerdata.net/publications/daily-energy-news/serbia-announces-plans-support-large-scale-energy-projects.html

Key points

  • All figures have been converted into USD

Yearly sunshine (sun hours per year)

The number of hours of solar radiation in Serbia is 1500-2200 hours per year.1

The average intensity of solar radiation in Serbia is 1200-1550 kWh/m2/year.

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kWh per kWp installed

The national average for kWh per kWp installed in Serbia is approximately 1497 kWh/kWp annually.2

The values range from 1175-1739 kWh/kWp per year.

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Average cost per kWh from utility company

The average cost per kWh from utility companies in Serbia as of December 2023 is approximately $0.11 per kWh for households. Businesses customers form individual contracts with electricity supplier with special prices and conditions. The wholesale electricity price in Serbia in April 2024 was approximately $0.069 per kWh.34

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Reliability of electrical power supply grid

Based on reliability indicators of distribution system operation, values of continuity indicators of distribution systems in 2019 and 2020 are worse than in the period 2016-2018, as the number of interruptions grew from 331 interruptions during 2015 to 512 interruptions in 2020.56

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Detailed Information

  • All figures have been converted into USD

    • Total solar panel production capacity (installed)

    Serbia’s total solar installed capacity is only 137 MW.7

    Total solar panel production capacity (projected)

    Here are the corrected figures for the projection of installed solar capacities in GW:8

    • 2025: 0.512 GW
    • 2030: 1.729 GW
    • 2035: 3.929 GW
    • 2040: 7.357 GW
    • 2050: 18.495 GW

    Average costs of various electricity generation sources (coal, natural gas, solar, etc)

    910

    The cost of gas is $0.43 per kWh. The cost of electricity based on coal varies depending on the tariff, ranging from $0.021 to $0.084 per kWh.

    Serbia operates a system of feed-in tariffs for electricity obtained from renewable energy sources. This system ensures that the Electric Power Company of Serbia pays producers of renewable energy higher rates than those for regular electricity to make investments in renewable energy more viable.

    The price for electricity from hydropower plants ranges from $0.065 to $0.136 per kilowatt-hour. For biomass, the price ranges from $0.089 to $0.143 per kilowatt-hour. The price for biogas is between $0.162 and $0.198 per kilowatt-hour. Electricity generated from waste is paid at a rate of $0.091 to $0.097 per kilowatt-hour. The purchase price for electricity from wind power plants is $0.0998 per kilowatt-hour, and for solar power plants, it is $0.136 per kilowatt-hour.

    Percentages of various electricity generation sources (coal, natural gas, solar, etc)

    11

    Coal: 70.34%
    Hydro: 25.30%
    Wind: 2.83%
    Solar: 0.04%
    Gas: 0.93%
    Biomass: 0.56%

    Average daily availability of electricity from the national grid (measured in hours)

    Serbia boasts a highly developed and reliable electricity supply system, providing continuous power availability for its residents and industries. The average daily electricity availability from the national grid is nearly 24 hours.12

    Number of residential solar panel installations

    In Serbia, there are currently about 3,200 solar energy installations on rooftops of residential, commercial, and industrial buildings. Of these, 2,327 are household installations, only 3 are residential buildings, 13 are monasteries and churches, and 829 fall into the category of other customer-producers.131415

    Total number of solar farms (installed and projected)

    Serbia has around 165 solar power plants with over 60 MW installed, but none are yet connected to the distribution system.1617

    Off-grid market demand for solar panels (current and projected)

    Currently, there is no publicly accessible database documenting the number of consumer solar PV installations, as individuals generating their own electricity are not mandated by law to acquire a permit.18

    On-grid market demand for solar panels (current and projected)

    The Register of Prosumers of Elektrodistribucija Srbije lists 3,199 producers-consumers of electrical energy with a total installed power of 55.2 MW.1719

    Average monthly income of workers in solar industry (labor cost)

    2021

    The average gross monthly salary in Serbia stands at around $ 784.64.
    Solar Engineer – $1,182.75
    Solar Energy Installation Manager – $1,680.73
    Solar Energy Systems Engineer – $1,172.57
    Solar Photovoltaic Installer – $735.25
    Solar Thermal Technician – $695.02

    Population of the country

    The current population of Serbia is 7,099,416 people.22

    Average overhead costs of solar panel production (with a brief breakdown)

    Estimate for Factory Rent23

    Factory land prices in Serbia have been steadily increasing, with the average price reaching around $8,064.12 per hectare in the first half of 2023.

    Industrial Electricity Rates24

    The average industrial electricity prices in Serbia are around $116 per MWh or $0.12 per kWh as of June 2024. This represents a 7% decrease from the previous month.

    Water Costs25

    Water rate for industrial use is $2.42 per cubic meter (m³).

    Salaries and Wages:21

    Worker of solar industry earns between $695.02 and $1,680.73.

    Rent for Office Space26

    The average rent for commercial buildings in Serbia varies depending on the location and size of the premises. In Belgrade, small premises of 20 m² can be rented for $215-645 per month, while larger premises of 100 m² cost $1,100-2,150 per month.

    Insurance27

    The average spending per capita in the Property Insurance market in Serbia is anticipated to amount to US$59.50.

    A summary of the energy infrastructure

    Serbia’s energy infrastructure is dominated by coal-fired power generation. The country is working to modernize its grid, increase renewable energy deployment, and balance energy security with environmental and economic sustainability goals.2829

    The electricity market in Serbia is dominated by the state-owned power utility EPS (Elektroprivreda Srbije – Power Industry of Serbia), which owns all large generation capacities and supplies most consumers.

    Fossil fuel production

    Electricity production in Serbia relies around 70 per cent on low-quality lignite coal, causing serious pollution.

    Serbia’s coal reserves are mainly located in two main coal basins, Kolubara and Kostolac. The coal mines in Serbia are mostly owned and managed by subsidiaries of EPS.

    Regarding oil and gas, Serbia is heavily reliant on imports, mostly from Russia.

    Hydropower hassle

    Hydropower accounts for around 28% of electricity generation, with the Djerdap HPP branch and Drinsko-Limsko HPP branch being the main hydropower facilities

    Renewable energy

    Serbia aims to increase the share of renewable energy to at least 45.2% of gross final electricity consumption by 2030.

    Serbia has significant potential for renewable energy, particularly in solar (6.902 MW technical potential) and wind (29.670 MW technical potential).

    Serbia’s grid infrastructure is aging and in need of modernization, contributing to energy losses and environmental pollution.

    Serbia satisfies most of its electricity demand from domestic production.   

    Some of the government regulations surrounding solar panel production

    30

    Permits and Approvals: Developers must obtain several permits and approvals from government agencies to build and operate a solar power plant in Serbia. These include environmental permits, construction permits, and grid connection permits.

    Technical Standards: The Ministry of Mining and Energy has established technical standards for solar power plants in Serbia. Developers must ensure that the plant’s design and equipment meet these technical standards.

    Environmental Regulations: Developers must comply with several environmental regulations when building and operating a solar power plant in Serbia. These regulations include the Environmental Protection Act, which outlines the requirements for conducting an environmental impact assessment.

    Safety Regulations: Developers must comply with several safety regulations when building and operating a solar power plant in Serbia. These regulations include the Occupational Health and Safety Act, which outlines the requirements for ensuring the safety of workers on the construction site.

    Grid Connection Requirements: Developers must ensure that the solar power plant is connected to the grid in accordance with the Ministry of Mining and Energy’s guidelines. They must also ensure that the plant complies with all grid connection requirements, such as voltage and frequency standards.

    Auction Procedure for Market Premiums: The government determines the maximum offered price for electricity per MWh for auction purposes. For reconstructed power plants, a separate maximum price that may be offered is set.

    Government initiatives in solar panel production (includes investments and subsidies)

    131

    Subsidies: The government has provided subsidies for the construction of solar power plants through the By-law on Feed-in tariffs for the production of energy from renewable energy.

    Incentive Purchase Price for Electricity: The government offers an incentive purchase price for electricity produced from solar power plants, which is guaranteed for a period of 12 years for all investors granted the status of privileged producers.

    State Guarantees for Loans: The government has proposed state guarantees and project loans for financing several large-scale projects, including pumped storage hydropower plants, wind power, and solar power projects. This includes guarantees for the development of a 1 GW solar power plant and EUR 1 billion for wind farms with a capacity of 800 MW to 1 GW.

    Support for households: The state provides a 50% subsidy for the installation of solar panels on the roof of a household (up to maximum $3853), implemented by local self-government units (JLS) and city municipalities.

    Solar Power for Agriculture and Industry: The agriculture and food industry are well-positioned to benefit from solar energy in Serbia, with subsidies and refunds available through programs like IPARD and the Development Fund (a financial assistance programs as a part of the EU’s pre-accession assistance to candidate countries for EU membership).

    Notable solar projects in the country (installed and projected)

    32333435

    Nofar Energy Solar Power Plants: These two solar power plants have a combined capacity of 26 MW. The project is worth $26.9 million and is expected to produce 33 GWh of electricity annually, which roughly meets the supply needs of more than 9000 households.

    DeLasol Solar Power Plant in Lapovo, with a capacity of 9.9 MW. It was built on an area of 12.5 hectares and consists of 17980 bifacial solar panels. The plant is expected to produce 15 GWh of electricity annually, equivalent to the consumption of 2100 domestic households.

    Chinese PowerChina and German AVR Solar Park investment in solar power plant in Smederevo with a capacity of 9.95 MW. The electricity is intended for the domestic market, which is enough to supply about 2500 households.

    1 GW Solar Power Project: The Serbian government plans to launch a 1 GW solar power project in 2024, with the goal of generating 1.2 TWh annually by 2028. The project will be built by state-owned power utility Elektroprivreda Srbije (EPS).

    Hyundai Engineering Solar Power Plants: Serbia is in talks with Hyundai Engineering for the deployment of five solar power plants with a combined capacity of 1 GW coupled with at least 200 MW of energy storage, to be built by a consortium by June 2028.

    Some of the notable solar companies (plus brief details on what they do)

    Nofar Energy

    https://www.nofar-energy.com/

    Nofar Energy, headquartered in Tel Aviv, Israel, is a prominent player in the global renewable energy market, specializing in the development, construction, and operation of solar and energy storage projects.

    In Serbia, Nofar Energy is advancing several key solar energy projects, including the large-scale 150 MW solar farm near Belgrade and a 100 MW solar installation in the Vojvodina region.

    CWP Global

    https://cwp.global/

    CWP Global, headquartered in Sydney, Australia, is a prominent renewable energy developer specializing in large-scale wind, solar, and green hydrogen projects.

    In Serbia, CWP Global is developing several key projects, including the 300 MW Vetrozelena wind farm and the 150 MW Bačka solar project, both pivotal in boosting the country’s renewable energy capacity and supporting its sustainability goals.

    MT Komex

    https://mt-komex.co.rs/

    MT-Komex, a Serbian company headquartered in Belgrade, specializes in construction, energy, and environmental engineering. Notable projects include the development of biomass power plants and solar energy installations, contributing to sustainable energy production and waste management in the region. The company’s solar projects, such as the solar power plants in Merošina and Žabalj, aim to enhance Serbia’s renewable energy capacity. Additionally, MT-Komex focuses on water treatment and environmental protection initiatives.

    Sol Navitas

    https://solar-centar.rs/

    Sol Navitas, a Serbian company based in Belgrade, focuses on renewable energy solutions, particularly in the solar energy sector. The company specializes in the production of complete photovoltaic systems, focusing on quality and utilizing top-notch materials from globally recognized manufacturers. Sol Navitas also oversees solar installations in smaller municipalities. Additionally, the company provides comprehensive services in solar panel installation, maintenance, and energy consulting.

    DoMi eko solar

    https://www.domiekosolar.com/

    DoMi Eko Solar, a Serbian company based in Niš, is the first solar panel manufacturing facility in Serbia, started manufacturing solar panels last year. The company has been instrumental in advancing solar energy projects, including the installation of rooftop solar panels and small-scale solar power plants across various municipalities. DoMi Eko Solar also provides comprehensive services in solar panel installation, maintenance, and energy efficiency consulting, supporting Serbia’s transition to sustainable energy sources.

    Hunan Rich Photovoltaic Science and Technology

    https://www.exporthub.com/hunan-rich-pv-energy-co-ltd/

    Hunan Rich Photovoltaic Science and Technology, headquartered in Changsha, China, focuses on the development and manufacturing of photovoltaic products.

    In Serbia, Hunan Rich Photovoltaic plans to build a solar panel factory with an annual capacity of 1 GW and a 200 MW photovoltaic plant, investing EUR 30 million in the factory and creating 180 jobs.

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