Wind and solar farms saved Irish consumers €840m since 2000
Wind and solar farms have saved Irish consumers a total of €840 million since the year 2000, according to new research for Wind Energy Ireland.
This is despite over €6 billion having to be invested in network costs and government subsidies to develop the renewables sector throughout that period.
The analysis suggests a further €640 million every year could be saved on electricity bills if the national target of 80% renewable electricity is achieved by 2030.
This report was produced by international energy consultants Baringa for Wind Energy Ireland.
It shows that during the two decades up until 2020, the cumulative cost of developing Ireland’s wind energy industry worked out at about €155 for every person in the country.
That was money spent on government subsidies for wind farm development and operation, as well as very substantial network, systems, and balancing costs related to the associated development and operation of the national electricity grid.
However, this new analysis shows all that investment has paid off big-time for consumers over the past four years as energy prices spiralled.
Baringa says that homegrown renewables partially insulated Irish consumers from those spiralling fuel costs, cutting electricity bills by an average of €320 per person during those four years.
Taking those two periods together, before and after 2020, it means the development of renewable energy Ireland, and wind farms in particular, has saved a net €165 off electricity bills for every man woman and child in the country.
The report also says that replacing fossil fuels with renewable energy has avoided the need to burn €7.4 billion worth of gas and coal since the year 2000.
It also says that if Ireland continues to invest in wind and solar projects, and achieves the national target of 80% renewable electricity, then overall annual consumer electricity bills could be reduced further, by as much as €610 million per year.
This new analysis also shows that renewable electricity has enabled 3 million tonnes of coal to remain in the ground and displaced enough gas to heat every home in Ireland for nine years.
In 2022 alone the value of avoided gas and oil, totalled more than €1.8 billion.
More than 47 million tons of carbon dioxide emissions were avoided between 2019 and 2023.
According to the report, this is equal to the lifetime emissions of 1.1 million mid-sized cars, or 40% of the total number of vehicles in Ireland.
Baringa says that continued investment in renewables can cut Ireland’s greenhouse gas emissions substantially further, with new renewables able to reduce power-sector emissions by more than 8 million tonnes of carbon dioxide in 2030.
Chief Executive of Wind Energy Ireland, Noel Cunniffe, said the report shows every single wind turbine we build, and every set of solar panels we install, helps Irish families and businesses to save money.
However, he added: “As long as we maintain our dependency on imported gas, we are letting the price we pay for electricity be dictated to us by international fossil fuel companies. Every hour, Ireland is spending €1 million to import fossil fuels, but there is a viable alternative, a way to keep this money at home.
“We can build more wind and solar farms, reinforce our electricity grid, electrify our heat and transport systems and work with our EU partners to reform the common electricity market.
“The incoming government can save Irish consumers millions of euros, while also ensuring a clean, secure, domestic energy supply and creating thousands of jobs.”
Article Source – Wind and solar farms saved Irish consumers €840m since 2000 – RTE
