Report claims renewable energy will lead to lower hikes in electricity prices

Electricity prices could climb 15% as Ireland moves to renewable energy, but a new report makes the case that costs will be far higher if we fail to become a low-carbon economy.

The PwC report, commissioned by the Electricity Association of Ireland, has called for the rapid deployment of electric vehicles, a possible ban of normal cars and carbon tax hikes to reduce emissions and prevent climate change.

It states that investment in energy efficiency and transport will see the average household energy spend fall by 20%.

While an 11% hike in electricity costs would add €220 a year to bills, business-as-usual- would add €510.