Economic modelling for the renewable energy target (RET) review has found that keeping the clean energy scheme would result in lower household bills over the longer term.

But between 2015 and 2020, the report shows prices would be higher.

Australia's pledge to use renewable energy sources to produce at least 20 per cent of the nation's power by 2020 is currently being reviewed by an expert panel.

Modelling done for the review by ACIL Allen predicts that repealing the RET would sacrifice around $16 billion in new wind investment and around $2 billion in solar.

Earlier this year the ABC revealed that several clean energy companies, like First Solar, were reconsidering their future investments in Australia.

ACIL Allen's modelling is similar to the findings of financial news and data firm Bloomberg, which warned the Federal Government in May that if it scraps Australia's renewable energy target it could cost thousands of jobs and billions of dollars in potential investment.

The Bloomberg report suggests that renewable energy sources contribute to cheaper wholesale electricity prices.

The RET review is being led by Dick Warburton, who has said he is sceptical about human-induced global warming but is not a climate change denier.

The company director and former Reserve Bank board member told AM earlier this year he was keeping an open mind for the review.

The other panellists are Shirley In't Veld, former head of WA's biggest coal generator, and the Australian Energy Market Operator's Matt Zema.

Almost 3,000 jobs lost in renewable energy industry last year

Meanwhile, new figures from the renewable energy sector show almost 3,000 jobs were lost in the past year.

The Clean Energy Council's annual snapshot has shown the number of people employed by the renewable energy industry has fallen from 24,300 to 21,400.

But it has found the share of renewable energy in 2013 increased to 14.76 per cent, up from 13.14 per cent in 2012.

The industry figures show the amount invested in the sector has increased by almost $1 billion to $5.2 billion.

Clean Energy Council deputy chief executive Kane Thornton said that was likely to be on ice for now.

"Certainly 2014 is proving to be a challenging year for the industry with a lot of uncertainty around the policy settings and in particular the review of the renewable energy target which is seeing investment certainly go on hold and is likely to see lower investment numbers into 2014," he said.

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