Although the blustery British Isles have huge potential for wind, tidal and wave power, earlier this year the country slipped down the consultancy's league table of best places to invest in clean energy because of a lack of investment in the power network which is needed to connect new projects. But last week's energy and planning policy papers have reversed that.
The proposed changes to the way renewables are supported through the UK government's Renewables Obligation and a more streamlined planning system could make Britain equally as attractive as Spain and India but still less of a lure for renewable energy than the United States, the consultancy said.
"The proposed changes to the Renewables Obligation (RO) and reforms to planning should level the playing field for many technologies competing for development capital in the UK," Jonathan Johns, head of Ernst & Young's Renewables Waste and Clean Energy Group, said in a statement.
"The challenge now is for industry and the finance providers to make the necessary investment in these new and emerging technologies in order to meet the UK's goals for renewable energy in the future."
As a result of last week's proposals -- aimed at cutting Britain's carbon emissions while ensuring future energy supplies -- the UK is set to overtake Germany in Ernst & Young's league table of most attractive countries in which to invest in clean technologies.
The government last week put cutting energy use, boosting support for clean technologies and replacing Britain's ageing nuclear power reactors at the centre of its strategy to reduce emissions of the gas largely responsible for climate change.
Under the proposed reforms, which are yet to become law, more expensive and newer technologies like offshore wind and tidal power will get more money than established and cheaper types such as onshore windfarms.
The other countries that Ernst & Young keeps track on are: Australia, Austria, Belgium, Brazil, Canada, China, Denmark, Finland, France, Greece, Ireland, Italy, Japan, Poland, Netherlands, New Zealand, Norway, Portugal, Sweden and Turkey.