Green energy subsidies will cost every British household £600 a year by 2020, a leading industry analyst warns in a new Civitas publication.
The cost to consumers of pursuing EU renewables targets is set to rise above £16 billion per annum, when VAT is taken into account, Dr John Constable writes.
What is more, these huge costs are making it more, not less, likely that green energy production remains inefficient and a burden on the taxpayer in the years to come.
Dr Constable, director of the Renewable Energy Foundation which publishes data on the energy sector, says subsidies are discouraging the innovation that will be necessary if green energy is ever to become a sustainable alternative to fossil fuels.
And he warns that the shift to renewables is likely to herald the first long-term decline in living standards since the start of the industrial revolution.
“The fact is that renewable energy is still far from competitive with fossil fuels, and nowhere near as economically productive,” he writes in his paper, Are Green Times Just Around the Corner?
Britain’s £200 billion green folly likely to herald decline in living standards