Market analysts insist Belgium remains a profitable investment for solar manufacturers and consumers alike. An annual growth of 737MW of solar capacity and high residential growth rates of Q2 2011 allayed fears brought on by the July 1 digression of green certificates and abolishment of tax reductions. The VREG (Flanders Regulation office for the Electricity and Gas market) received 6410 applications for arrays of up to 10kW and where each month an average or 7700 new PV systems, up to 10kW, were installed.

Market forecaster, Peter Segaar of Polder PV states a decrease in module prices and the remaining value of green certificates has made solar energy cheaper than ever. Whether this could set a new record this year, but cannot yet be confirmed until exact figures have been published.

Green certificates for large solar projects are now worth 9€c/kWh. Belgium has now accumulated 1669MW of solar capacity, of which 88% is in Flanders.

The complete market analysis can be found here.