The case for green energy looks stronger than ever, as the war in Iran continues to highlight the widespread dangers of relying on fossil fuels.
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Brent crude, the global benchmark for oil prices, has risen more than 50 percent since the start of the conflict in the Middle East, hitting $116 (about 100.92 euros) in early trading today (March 30).
Much of the uncertainty has been caused by the successful closure of the Strait of Hormuz, one of the world’s largest oil fields that transports a fifth of the world’s oil supply. That’s about 20 million barrels closed every day.
Europe is already feeling the effects, with Dutch TTF natural gas prices rising by 70 percent – setting March 2026 as the highest monthly increase for European gas prices since September 2021.
As rising energy prices threaten to hit struggling Europeans, several countries have seen a notable shift to green technology.
‘I’m tired of being caught in the grease trap’
The UK, historically one of the worst in Europe, saw heat pump sales in the first three weeks of March increase by 51 percent compared to the same period last month – according to energy firm Octopus Energy.
Solar sales also increased by 54 percent, as homeowners “supersize” systems with 12 panels instead of the standard 10, while sales of electric vehicles (EV) rose by 20 percent.
Rebecca Dibb-Simkin of Octopus Energy says: “We are seeing a big change when people stop asking and start taking action.” British families are tired of being locked out of global fuel prices.
“By switching to solar and heat pumps, they become their own power stations – locking in low costs and protecting their batteries for a long time.”
Accelerating the transition to EVs
European Commission data shows the average price of petrol rose across the EU by 12 percent to €1.84 per liter from March 23 to March 16.
This has led to increased interest in Electric Vehicles (EVs), with French online car dealer Aramisauto seeing EV sales nearly double between mid-February and 9 March.
According to Reuters, Amsterdam-based Olx said that customer inquiries for EVs are now widespread in the markets of France, Romania, Portugal and Poland, with growth “increasing every week in all markets”.
In Norway, Finn.no – the country’s largest used car marketplace – EVs have overtaken diesel models as the site’s best-selling fuel type.
A solar powered switch
German renewable energy firm Enpal BV tells Bloomberg that inquiries for solar panels and heat pumps have risen by nearly 30 percent since the US-Israel war began in Iran, while solar firm 1KOMMA5° GmbH also reported a nearly doubling of interest in solar.
In the UK, energy firm E.ON found interest in solar energy increased by 23 percent between March 23 and March 1, and increased by 63 percent between March 2 and 8.
“It’s more important than ever that we help people manage their energy use and reduce their bills,” says Chris Norbury, CEO of E.ON UK.
“Consumers are showing strong interest in solar and battery as a solution, and this product maximizes the savings that can be made by generating and storing energy at home.”
Will North Sea drilling help lower energy bills?
Amidst the advancement of green technology, calls to double down on fossil fuels have increased even more.
Earlier this month, Britain’s Daily Express published a front page story headlined ‘Get Drilling to Stop Rising Debt’ – urging the UK to open licenses to drill in the North Sea.
However, a study from the University of Oxford found that a UK powered entirely by renewable energy could save households up to £441 (€510) a year on their energy bills.
In comparison, increasing oil and gas extraction from the North Sea would save households £16 (€19) to £82 (€95) a year – and this would depend on the tax revenue allocated to households to cover their energy bills.
Dr Anupam Sen, co-author of the review, said the idea that “crossing” the North Sea would make the UK safer and reduce mortgage debt was “fantasy”.
Many experts have also pointed out that the prices of oil and gas are set by the world markets, they are not reduced for British consumers – and the gas extracted from UK waters can be sent to the highest bidder – which means that the increase in local production will not reduce costs significantly.
On the other hand, Spain’s renewables are still helping to keep energy bills low – despite rising gas prices.
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