Study Suggests Economic Boom from Renewable Energy
(stock photo courtesy of Pixabay)
Subscriber Benefit
As a subscriber you can listen to articles at work, in the car, or while you work out. Subscribe NowThe state director for Advanced Energy Economy in Indiana says a recent report confirms many companies in Indiana are looking for more renewable energy options from their utilities. The report, “Opportunities for Meeting Commercial and Industrial Demand for Renewable Energy in Indiana,” says the state could see more than $5 billion in investment and nearly 25,000 new jobs if additional renewable energy options were available.
The report was prepared for AEE by independent research and consulting firm Wood Mackenzie. Caryl Auslander with Indiana AEE says Indiana could reap major economic benefits from more renewable energy.
“Indiana businesses want low-cost and clean power; it’s as simple as that,” said Auslander. “And with energy costs starting to soar in our state, we have the opportunity of losing our competitiveness and at the same time, wind and solar power are now the lowest cost resource in the state. So, these businesses are spot on; they’re wanting to send a clear signal to policymakers saying that they want more options.”
Auslander says the jobs created with the increased investment from companies – ranging from $84 million to $2.2 billion – would be high-paying positions.
The report analyzes two scenarios to estimate the demand for renewable energy from C&I customers in Indiana: a Baseline case and a Growth case.
According to the report, renewable energy demand from large energy users over the next 10 years ranges from 1.7 gigawatts (GW) under the Baseline case to 3.6 GW in the Growth case. If the growing demand is met, the report says, Indiana could see up to $482 million in capital investment annually and up to 25,000 jobs created, including permanent operations and maintenance jobs, as well as temporary construction jobs.
Auslander says many Hoosier employers have shown major interest in renewable energy.
“AEE helped to commission a letter to the governor’s office, to legislative leaders, and to the 21st Century Energy Task Force that was created this past legislative session. It was from nine of the largest businesses across the state saying that they wanted more renewable energy options from their utilities, wanting to work with them to create more options for their portfolio. And if we can meet that demand, there’s a huge economic boon for the state and for the Indiana economy.”
Auslander says there are steps the state can take to help businesses access additional renewable energy resources, should more become available.
“We should make it easier for businesses to procure it. We should make it easier for utilities to transition the grid from other resources to renewable energy resources and just make sure that we’re removing any and all red tape in order to do so.”
You can connect to the full report by clicking here.
Auslander says Indiana could reap major economic benefits from more renewable energy.
Auslander says many Hoosier employers have shown major interest in renewable energy.