The study, carried out by advisory firm Xodus Group, identified eight potential sites around the 65-square-kilometre island for an offshore wind project.
Its prime recommended site was 22km off the island's northern coast line. Due to the water depths at the site – over 50 metres – the report suggested it was best suited to floating turbines.
The report did suggest sites closer to the shoreline would be cheaper, but said those projects could be subject to human impact.
"A 30MW offshore wind farm has the potential to generate around one third of Guernsey's current electricity requirements," said deputy Shane Langlois, Guernsey member of the environment and infrastructure committee, .
"While the cost of electricity generated by wind turbines would, at the moment, be more expensive than importing or on-island generation, it is clear that the gap between the two is narrowing and will likely continue to do so as the technology further evolves.
"Indeed, recent tenders in northern Europe have been at very competitive prices. The committee welcomes the findings of this study and, while not without risk, believes there are significant opportunities in progressing this work, such as security of supply, energy independence, fixed prices and lower emissions," Langlois said.