Solar panel installs could help the UK unlock £70bn in economic value by 2050 and achieve a “beyond net zero” scenario, according to a new study.
The UK Business Council for Sustainable Development (BCSD) believes the UK can drive considerable economic benefits and vastly reduce its carbon footprint by investing heavily in renewable energy sources.
Solar panels for homes and businesses can play a key role, with the report stating that to fulfil its potential, the UK needs to increase its solar capacity five-fold by 2035.
In addition to installing pv solar panels on rooftops, further investment in clean energy alternatives like offshore wind is also required.
Britain has a natural advantage here with its access to the North Sea and the Atlantic Ocean.
The environmental benefits are obvious but renewable energy could be a vital economic driver too.
The report states that around $70.3bn could eventually be generated annually for the economy.
Homeowners would also benefit.
A fall in energy prices would boost disposable incomes by around £15bn.
However, in order to become a leader in clean energy, certain issues need to be addressed.
The UK needs to improve its renewable energy storage solutions, improve its stock of older, energy-inefficient homes and overhaul the National Grid.
BCSD chairman, Jason Longhurst says there is a unique opportunity for the UK to pivot from being a net importer of energy to a leading exporter of renewables.
He concluded: “Having fired the starting pistol on the race to net zero it’s now time for the public and private sector to work together to put Britain at the front of the field again.”