Irish renewable energy sources reduced the cost of generating electricity in Ireland by more than €1.5 billion in 2024. This figure comes from a new report commissioned by Wind Energy Ireland assessing the economic impact of Ireland’s renewable energy sources.
The report highlights how wind and solar not only cut costs, but also reduced carbon emissions and strengthened energy security across Ireland.
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Irish Renewable Energy Sources: Wind vs. Solar
Wind energy is the primary source of renewable energy in Ireland. Almost 93% of the savings, or €1.4 billion, came from wind generation. Solar farms contributed a further €115 million. In total, spending on gas for electricity generation fell by more than €1.1 billion across Ireland and Northern Ireland. An additional €426 million was saved on carbon credit costs.
Over the past four years, cumulative savings from wind and solar have reached €6.7 billion.
These figures highlight a shift in the Irish energy system. Irish renewable energy can no longer be treated as a marginal contributor. It’s an important source contributing to price stability and emissions reduction.
Protecting Irish Consumers from Volatile Gas Markets
Wholesale electricity prices in Ireland remain more than twice as high as they were in 2019. Gas markets continue to experience geopolitical and supply pressures.
Despite this, Irish renewable energy sources have provided significant financial protection.
The report found that renewables saved up to €13 million per day during winter price peaks, when gas prices were highest, and electricity demand surged. February cut gas and carbon spending by €225 million, making it the most valuable month for wind generation.
Average wholesale electricity prices last year were €126.95 per megawatt hour (MWh). However, on days when wind output was highest, prices fell to €101.84/MWh. When wind generation was lowest, and reliance on imported fossil fuels increased, prices rose to €145.84/MWh.
This price volatility shows the direct effect renewable sources have on the market. High renewable output reduces the cost of electricity generation. Low renewable generation increases reliance and exposure to imported fuel costs.
Irish Renewable Energy Geographic Performance
Wind farms generated 13.8 terawatt hours (TWh) of electricity in 2024. In January, wind supplied 34% of Ireland’s electricity, producing approximately 1,400 gigawatt hours (GWh) during a month when demand reached a record 4,087 GWh. This was one of the strongest January wind performances on record.
Offaly ranked as the top county for wind generation in January, producing 179 GWh. Kerry, Cork, Tyrone and Tipperary followed closely behind. The distribution of regional contributions highlight the broad nature of Ireland’s renewable infrastructure.
Renewable solar energy continues to expand. Solar Ireland has stated that Ireland is scaling towards 8 gigawatts (GW) of installed solar capacity by 2030.
Solar has a unique deployment profile. It can operate on a large scale, either through solar farms connected to the grid or through rooftop systems installed on homes, farms, schools, and businesses. This accessibility supports decentralised generation and local participation.
Carbon Emissions and Climate Impact
Irish renewable energy sources also provided significant environmental gains. By replacing fossil fuels, renewables avoided more than 5 million tonnes of carbon dioxide (CO₂) emissions in 2024. This is equivalent to the annual energy-related emissions of approximately 1.2 million households.
Over the past four years, cumulative savings on gas and carbon credits have reached €6.7 billion. Without wind and solar development, this expenditure would been given to the global fossil fuel industry.
Instead of exporting over €1 billion to global fossil fuel markets, which is often subject to geopolitical instability, these funds remained within the Irish economy. Noel Cunniffe, CEO of Wind Energy Ireland, noted that this shift towards a “true Irish electrostate” ensures that energy security is no longer tied to volatile markets dominated by external political actors.
Environmental Planning for Ireland’s Renewable Energy Expansion
The Cutting Carbon, Cutting Bills report provides clear evidence that renewable energy delivers lower costs, lower emissions and greater energy security.
With increased reliance on renewable electricity, reliable environmental planning is crucial. Projects must be carefully sited, monitored and assessed to ensure ecological protection and regulatory compliance.
GIS mapping identifies spatial and environmental constraints before development begins. Species surveys and biodiversity assessments provide the baseline data required for planning decisions.
For developers beginning a renewable energy project, Southern Scientific can support you through our GIS analysis, ecology surveys and species assessments across Ireland. Explore our full services here.
