A new solar report by KPMG revealed the industry has the potential to contribute up to £426 million to the Northern Irish economy GVA over the next five years.

Solar Potential: the ecomonic benefits for NI also showed the solar energy industry could support 1,800 jobs across NI by 2030.  Many of these will be located outside the Belfast region, in rural communities where utility-scale solar farms and solar panel installers are located.

Contributions through income tax and National Insurance are estimated to be between £57m – £68m over the period 2025 – 2030.

The sector could make the potential contribution of £815m from capital expenditures (CAPEX) and operating expenses (OPEX), if the solar industry achieves 900 MW by 2030.

To reach the 900 MW, investment in the retraining and reskilling of workers from the renewable energy sector is required across NI.

Across NI, the solar energy industry could contribute ~£13 million in revenue through local and regional business rates. This can contribute to the funding of public services including leisure facilities, roads, education and healthcare. The district rates are paid to local authorities while regional rate payments go to HMRC.

RenewableNI Director, Steven Agnew 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.”

The report was previewed at RenewableNI’s Smart Energy Conference in October, with a presentation by report author Russell Smyth.  You can view the presentation below.

You can read Solar Potential: the ecomonic benefits for NI at https://renewableni.com/wp-content/uploads/2024/11/RNI-response-to-PfG-consultation-04.11.24.pdf

You can listen to the audio recording of the presentation below.