LONDON, July 1 (UPI) -- U.K. energy bills are expected to rise significantly, a new study reports.
According to a report by Ernst & Young, each household could face a $426 increase in their energy bills as the U.K. tries to meet EU emissions goals, The Independent reported.
The report also warns that about half of all residents are not prepared to pay the increase.
The accountancy firm published the report on the impact on energy bills of the United Kingdom's climate-change commitments, warning that households will have to pay at least 20 percent more to gas and electricity suppliers.
The report, titled "Costing the Earth?" puts the cost of capital investment required to meet emissions reduction and renewable energy targets for 2020 at about $200 billion.
Taxpayers and consumers will be required to contribute about $10.6 billion toward those costs by 2020, when the EU's targets will become mandatory.
Half the respondents said they would not be prepared to cut back on their energy consumption, even if their bill was to go up by $400 or more.
The Prime Minister has faced criticism for limited public investment in businesses in the alternative energy sector, while consumer groups have called for additional support for households installing energy-efficient equipment.
