Greece could pay off its debts with solar energy

Debt-riddled Greece could use its excellent climate to pay off some of its debts – by providing solar power to EU member states to which it owes money.

A spokesperson for the EU’s Energy Commissioner confirmed that talks were ongoing regarding the option of providing power to countries such as Germany as part of their debt repayment. Germany is thought to be the biggest potential client at the moment, especially as the country is looking to replace the power it is losing by closing down its nuclear power plants.

Currently, Greece has 50% more potential for solar power than Germany although Germany currently produces around 80% more solar energy than Greece.

Large scale projects of solar panels are popular in a number of countries in the EU, including England, but homeowners can also benefit from solar power. Solar panels for your home could be a good way of reducing your energy bills as well as helping you to reduce your carbon footprint.

Although the UK has less hours of sunlight than Greece, solar panels are still a very effective way of generating energy. Solar heating systems can provide your home with hot water and energy, as well as allowing you to make a modest income thanks to the government’s Feed in Tariffs which allow you to sell any unused energy back to the Grid.

Most buildings, with the exception of listed buildings, don’t require planning permissions for solar panels and there are a number of loans and government subsidiaries to help with the cost of installation, so you could get a renewable energy source for less than you may think.