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Email us onThe Renewable energy country attractiveness index (Recai) compiled by EY has seen the UK climb up to seventh place in the rankings.
According to the analysts, the UK is “bouncing back” after a significant fall in investment in this area in 2017. This improvement has been led by “subsidy-free solar PV and onshore wind projects for merchant generation as well as repowering of old wind farms,” the organisation noted.
Within Europe, only France and Germany perform better in the Recai, in sixth and third places respectively. China sits at the top of the index, with the US in second place, while other European nations, such as the Netherlands and Denmark have climbed into the top ten as well.
Ben Warren, EY Global Power & Utilities corporate finance leader, explained that one of the things that has benefited the renewable power sector in recent years is the relentless drive to reduce costs.
As a result of this focus, renewable energy is becoming more affordable and therefore more appealing, which is likely to impact the oil and gas sector in the long term, he asserted.
Last month, a study by Aurora Energy Research found that UK solar and onshore wind projects could be subsidy-free by 2025.
The organisation also predicted that offshore wind would follow by the late 2020s or early 2030s, all of which makes it a much more appealing sector for investors.
If you’re interested in learning more about renewable energy in Cumbria and how it could benefit your home or business, contact us today to find out more.