The government report states the British Crown dependency could raise up to £5 million (EUR 6 million) a year by leasing parts of its seabed for offshore wind or marine energy projects.
The wind projects would also create 60 new jobs on the island per project once construction is complete.
The plans include a location for a substation to act as an interconnector hub for the renewable energy connecting the Isle of Man with the UK using high-voltage cables.
In the short to medium term, the island's government said the energy would be sold to the UK to help it meet its 2020 targets and to cover the installation costs. However, any agreement would include the option for the island to buy the energy produced for its own use.
The report added: "Offshore wind and tidal projects will only progress if UK renewable incentives are available for developments in the Isle of Man territorial seas for export to the UK."Council of Ministers speaker Steve Rodan said: "This is a very exciting document to my mind, a very positive strategy for the Isle of Man."