Wind and solar farms in Ireland have saved electricity consumers a total of €840 million since 2000, according to a new analysis by consultancy firm Baringa. The report, titled Good for Your Pocket: How Renewable Energy Helps Irish Electricity Consumers, credits wind farms with nearly 98% of the savings, while solar energy accounts for the remainder.
The findings suggest that the financial benefits of renewable energy development have far outweighed any potential costs for consumers. Ireland's wind generation capacity has expanded significantly, growing from 117 MW in 2000 to over 5,000 MW by recent years. Additionally, more than 600 MW of solar power has been added to the grid in recent years.
Noel Cunniffe, CEO of Wind Energy Ireland, launched the report at the Wind Energy Ireland Annual Conference, highlighting the impact of renewable energy on Irish households and businesses. “What Good for Your Pocket shows is that every single wind turbine we build, and every set of solar panels we install, helps Irish families and businesses to save money,” he said.
Since 2021 alone, renewables have displaced almost €4 billion worth of fossil fuels, insulating Irish consumers from the worst effects of the global fossil fuel energy crisis, Cunniffe added. Despite these savings, he stressed the need for further improvements: “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.
The report also highlights the environmental benefits of renewable energy in Ireland, noting that the growth of wind and solar power has reduced fossil fuel spending by €7.4 billion and prevented over 47 million tonnes of CO2 emissions through the end of 2023.
Looking ahead, the report forecasts that reaching the target of 80% renewable electricity by 2030, as outlined in the Climate Action Plan, could result in an additional €610 million in savings for consumers. Cunniffe emphasized that the next five years present a critical opportunity to accelerate Ireland's shift to renewable energy, which could result in more affordable power, greater energy security, and new job creation.
“The next five years present an opportunity to make unprecedented progress in moving to relying on locally produced renewable energy and accelerating the next phase of Ireland's economic development,” Cunniffe said. “By 2030, we can deliver cleaner and more affordable power to hundreds of thousands of homes and businesses across Ireland and lay the foundation for Irish energy independence.
