‘Solar tech could attract overseas firms’ according to new KMPG and Irish Solar Energy report

Using solar energy to power homes and businesses would deliver a threefold return on government investment and could support up to 7,300 jobs by 2030, research shows.

A report compiled by KPMG in association with the Irish Solar Energy Association reveals that “a thriving domestic solar sector” would likely make Ireland more attractive to overseas companies.

Investing in solar energy could also give the country a better chance of meeting the target to source 40% of electricity from renewables by 2020 which could help avoid UN fines.

“There are a wide range of potential benefits to the Irish economy if a policy support scheme for Solar PV was introduced,” said KPMG head of energy and natural resources, Mike Hayes.

“We know that for every €1 of policy support, the solar industry in Ireland would deliver €3 of gross value added to the economy over the 2017 to 2030 period.”

The report also highlights the importance of solar energy in reducing dependency on imported fuels.

Solar photovoltaics technology, which converts solar energy to electricity via use of semiconducting materials on a panel, has become much more affordable, with an 80% decrease in costs between 2008 and 2013.