Irish wind industry calls for new measures to strengthen investment

The Irish Wind Energy Association has called on the Government to incentivize investment in Irish wind energy by introducing new measures to ensure the general public, communities and small investors invest €3.5 billion in energy schemes. This would assist in meeting the country’s 2020 targets.

The incentives proposed by the IWEA are as follows:

1. A tax relief claim for individuals who invest €100 - €10,000 with local financial institutions and credit unions for investment in renewable energy projects such as wind farms.

2. The launch of a new alternative Incentive Scheme to create opportunities for low to medium income households for renewable improvements with a 5-7 year return period.

3. A Universal Social Charge relief for investments within the lower end of the investment scale from €250.

4. Additional schemes to encourage wind micro generation of electricity. This would encourage a wide social approach to energy policy in Ireland to tackle climate change.

CEO of IWEA, Kenneth Matthews said:

“Despite considerable interest, currently individuals and communities in Ireland have limited ability to invest in renewable energy projects. Working together with the Government and other key stakeholders we are interested in creating more opportunities for members of the public and small investors as we believe this will help stimulate investment and economic growth, help Ireland reach its 2020 targets, promote a low carbon economy and further enhance social acceptance for wind energy projects.” “There are a growing number of examples abroad of funds and funding platforms raising considerable amounts of money from people investing on average £5,000 and some as little as €100 in renewable projects. By doing so they are earning attractive interest rates and building a nest egg for the future, whilst doing something really important for society and helping generate more clean energy.”??Matthews maintains that the Government, business leaders and environmentalists need to show vision, clear leadership and commitment to ensure Ireland continues to pursue a sustainable energy future through the continued development of renewable sources of energy.” “The words of An Taoiseach, Enda Kenny, at the UN climate summit in New York now need to translate into real action here at home. Ireland is at a cross-roads with regards to its energy policy. Our abundant renewable energy resources present a fantastic opportunity to pursue a sustainable energy future and at the same time realise a phenomenal economic opportunity. However, we can only deliver on this opportunity if the Government and other key parties show the vision, leadership and commitment required to ensure wind energy development can progress in Ireland and that we don’t fail in meeting our 2020 targets.”