The report says the cost to Britain of meeting European renewable energy targets by 2020 will be £100bn. This would result in 15% of the energy mix coming from renewables.
Consumers will have to contribute £5.3bn towards that cost through a 20% rise in energy bills assuming commodity prices remain stable.
Despite stern warnings of spiralling energy bills, the government has promised to launch even more ambitious renewable energy targets. The government's newly published renewable energy strategy aims to increase the renewable share of the energy mix to between 30% and 35% by 2020.
This would be achieved with a new incentives regime to encourage energy companies to invest in renewable heat sources and in upgrading grid infrastructure to remove barriers to renewable energy technology.
Energy bodies raised doubts about whether such targets could be met.
"The key question is can we deliver this major 'dash for renewables' in less than 12 years and at the lowest cost to the consumer?'" said the Carbon Trust.
"Achieving this will require a scale of deployment, investment and political commitment never yet experienced for renewables. The clock is now ticking; a Marshall Plan for renewables is needed urgently to turn the 2020 vision into a commercial reality."