Using wind energy to meet Ireland's 2020 targets and adding further capacity up to 2030, will dramatically reduce Ireland's costly dependency on foreign energy, lower wholesale electricity prices and deliver €1.8bn in new tax revenue to the Irish state, all without leading to any cost to Irish consumers, according to detailed new independent research into the economic impact of the wind energy sector in Ireland.

'The Value of Wind Energy to Ireland' report, compiled by Pöyry, a leading international consulting and engineering consultancy, and Cambridge Econometrics, a leading independent consultancy specialising in applied economic modelling, is the most comprehensive independent study ever conducted into the economic impact of wind energy development in Ireland, and has shed new light on the economic benefits of further developing the clean renewable energy.

The report, launched at the annual conference of the Irish Wind Energy Association (IWEA) sponsored by ENERCON, was held in Dublin on Thursday 27 March, and highlighted that by installing the 3.8GW of wind capacity required to meet the Republic of Ireland's 2020 targets and developing a further 1.6GW between 2020 and 2030, to meet domestic energy demand, the wind energy sector would:

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• Deliver €8.3bn of investment into the Irish economy. This would comprise €3.5bn of direct investment to 2020 (1.2% of total Irish investment) and an additional €4.8bn to 2030.

• Significantly contribute to economic growth. The net annual GDP impact will be between €350m and €490m per annum in the period to 2020, rising to between €646m and €769m per annum in the 2021-2030 timeframe.

• Provide at least €1.8bn additional cumulative tax revenue to the Irish State Development of wind energy can deliver additional cumulative tax revenue to the Irish State of €1.8bn if Ireland meets its 2020 targets and continues to grow domestic wind capacity through to 2030.

• Lower wholesale electricity prices. The analysis shows that if Ireland deploys wind capacity to meet 2020 targets the wholesale price will fall by €2.10/MWh by 2020.

• Lead to no additional cost to Irish consumers. Meeting 2020 targets, which would see 3.8GW of wind installed by 2020 in ROI does not place a burden on the Irish consumer due to the net economic benefits of wind energy development.

• Save Ireland €700m per year in fossil fuel imports and reduce the country's dependency on energy imports. Ireland comes 4th of the most energy dependent states in the EU importing 85% of its energy. If no new wind capacity is deployed post 2014, energy imports of coal, oil and gas will rise from €900m in 2013 to €1,100m in 2020 and €1,500m in 2030.

• Support 22,510 jobs. The report expects the level of employment in the Irish economy to rise by between 1,150 and 1,800 jobs per annum in the period to 2020 and by between 1,600 and 2,300 per annum thereafter to 2030.

• Protect the environment by significantly reducing CO2 emissions. By doubling the output of wind in RoI by 2020 the annual carbon emissions avoided and displaced is over 21 metric tonnes up to 2020, a 35% decrease on current levels.

(CD/JP)