Solar Potential to generate Derry economy
District rates can contribute to the funding of Derry public services including leisure facilities, council growth, regeneration, and protecting jobs.
A new solar report by KPMG revealed that the industry has the potential to contribute up to £426 million to the Northern Ireland economy, gross value added, over the next five years.
There is clear solar potential, with the economic benefits for Northern Ireland showing that the industry could support 1,800 jobs by 2030.
Many of these will be located outside of Belfast, in rural communities, where utility-scale solar farms and solar panel installers are located.
Co Derry has a pipeline of seven utility-scale solar PV projects, totalling approximately 271 MW.
Across Northern Ireland, the solar energy industry could contribute £13 million in revenue through local and regional business rates.
With district rates, which are paid to local authorities, this can contribute to the funding of Derry public services including leisure facilities, council growth and regeneration and protecting jobs.
The sector could make the potential contribution of £815m from capital expenditures and operating expenses, if the solar industry achieves 900 MW by 2030.
To reach their goal, investment in the retraining and reskilling of workers from the renewable energy sector is required.
Steven Agnew, Director of RenewableNI, said, “Every solar panel connected helps to reduce electricity bills. Unfortunately, a policy vacuum has meant that the solar industry in NI hasn’t grown to its full potential. However, the 80 per cent by 2030 renewables target has changed that, and we are on the cusp of a solar resurgence,
“The Solar Potential report highlights the significant benefits that solar can bring to the NI economy, in addition to its environmental and social impacts. It’s fair to say that in Northern Ireland, the sun generates more light than heat,” he added.