Not only is investing in clean energy contributing towards reduction in climate change, and a stable long-term investment but it now appears is benefiting the economy. A study by the UK Energy Research Centre (UKERC) shows that renewable energies create up to ten times more jobs per unit of electricity produced than that of fossil fuels.
The study, published 5th November 2014, looked at the impact on employment through renewable energy and energy efficiency policies. The data, compiled from fifty studies across Europe, USA and China, showed that solar electricity creates between 0.4 – 1.1 jobs per GWh generated. Comparatively fossil fuels accounted for between 0.1 – 0.2 for same amount of power generated. Wind power creates between 0.05-0.5 jobs, and energy efficient policies accounting for between 0.3 and one job per GWh saved.
From these results it is estimated that renewable energy production creates up to one job more than fossil fuels per GWh produced, with solar electricity at the helm.
With the Government in full support of these ‘green’ initiatives and offering incentivised funding, and with renewable energy becoming cheaper to install and manage, we are certain to see more UK investment in renewable energy.
But can it really help the economy? The balance of costs in energy generation by renewables is different to that of fossil fuel, with costs going into the production facilities and labour of renewables. The additional cost of labour will be off-set against the fuel costs, becoming less reliant on oil and gas with unpredictable fluctuating prices. The additional jobs will mean more money is put back into the UK economy and as technology advances ultimately the cost of energy production will continue to fall.