In 2025, the Czech photovoltaic market is seeing a major wave of insolvency filings. The main reasons include cooling demand linked to electricity prices returning to normal. Dozens of companies are involved, with the best-known failures including Solek, Hydropol, Woltair, nanosun, GEEN Holding, GoldenSun, S-Power (S-Power Energies) and, previously, Energetický Holding Malina, which in 2023 left thousands of customers with unfinished installations.
Solek entered insolvency in spring 2025, when its international expansion and high debt collided with a sharp fall in electricity prices and tighter conditions in key markets. Hydropol followed in the summer, with liabilities in the hundreds of millions of koruna and a request for reorganisation.  Woltair, a company active in the modern energy sector that had attracted a number of prominent investors, also filed for insolvency after a brief moratorium. One of the Czech Republic’s largest panel distributors, Nanosun, entered bankruptcy in August 2025 – despite having generated billion-koruna revenues only recently. GEEN Holding, meanwhile, sought creditor protection as early as spring 2025.  S-Power (S-Power Energies) entered insolvency in 2025 with debt of around
190 million Kč. GoldenSun entered bankruptcy at the end of 2024 after being unable to meet its obligations.
These cases show that the problems have affected not only companies focused solely on photovoltaic markets, whether in the supply or installation chain, but also energy companies operating in other sectors with diversified businesses.
After record growth in installations in 2022–2024, the residential photovoltaic segment saw a marked slowdown. Data from the Solar Association show that 26 % less PV capacity was connected in the first half of 2025 than in the same period of 2024; battery storage installations fell by as much as 37 %, while nearly 10 000 fewer PV systems were added to the roofs of family homes than last year. Year-on-year household demand has fallen by up to 44 %, due to lower and more stringent subsidies as well as falling electricity prices.
Changes to the Nová zelená úsporám (New Green Savings) subsidy programme from 20 February 2025 also played a key role, reducing the maximum eligible PV capacity from 10 kWp to 5 kWp and the upper subsidy limit from 160 000 Kč to 140 000 Kč.
Between 2022 and 2024, the Czech photovoltaic sector experienced a sharp boom driven by high electricity prices, generous subsidies and expectations of rapid returns on investment. More than a thousand new installation companies entered the sector during the boom, bringing their total number above 1 300. This led to a sharp increase in competition and, in some cases, unfair business practices aimed at securing as many new rooftop PV customers as possible.
This optimism attracted dozens of new companies, which often based their strategies on the assumption that exceptionally favourable conditions and continuously growing demand would continue, without having sufficient financial reserves or flexible business models to cope with adverse developments or market changes. Where economic pressure was compounded by weak management, excessive ambitions for international expansion or an underestimation of risks, the path to insolvency was very quick.
As electricity prices gradually declined, the market environment began to return to normal. However, the management of many businesses failed to adapt their strategies to the new conditions in time, which, combined with growing financial pressure, led to rapid failures. The current wave of insolvencies is therefore not a sudden “industry collapse”, as is sometimes reported in the media, but rather a natural correction of a market that, after a period of rapid growth, has entered a more sober and sustainable phase.
reuters.com, 10 August 2026, 04:07
ft.com, 8 August 2026, 16:00
reuters.com, 7 August 2026, 18:17
eia.gov, 7 August 2026, 15:00

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