Exciting findings from the 2015 update to The Economic, Utility Portfolio, and Rate Impact of Clean Energy Development in North Carolina report are more good news for clean energy in North Carolina. The analysis reports that communities across North Carolina are benefiting from clean energy development, and electricity costs are expected to be lower than they would be had the state’s utilities not incorporated more clean energy resources and programs beginning in 2008.
Here's a look at what the report's highlights tell us:
NC's Clean Energy Investments Are Working. (Literally.)
- Clean energy development supported 44,549 annual full-time equivalents (FTEs), equivalent to one person working full time for a year, from 2007 to 2014.
- Approximately $3,472.8 million was invested in clean energy development in North Carolina between 2007 and 2014, which was supported, in part, by the state government at an estimated cost of $195.6 million.
- Clean energy investments were nearly 18 times larger than the state incentives for them.
- Renewable energy project investment in 2014 was $651.9 million, or nearly 38 times the $17.3 million investment observed in 2007.
- Total contribution to gross state product (GSP) was $4,197.9 million between 2007 and 2014 (see Appendix Table ES-1).
Every Corner of the State is Benefiting, Especially Rural Areas
- Catawba, Davidson, Duplin, Person, Robeson, and Wayne Counties experienced the greatest amount of investment—more than $100 million each between 2007 and 2014 (see Appendix Table B-1).
- Beaufort, Cabarrus, Columbus, Cleveland, Wake, Nash, Chatham, Harnett, Montgomery, Lenoir, and Davie Counties each experienced between $50 million and $100 million in investment between 2007 and 2014 (see Appendix Table B-1).
Clean Energy Policies Mean Jobs, Reliable Electricity and Cost Savings - Now and in the Future
- The net present value of the Renewable Energy and Energy Efficiency Portfolio Standard savings compared to a conventional portfolio equals $651 million. The analysis finds the greatest annual savings occur in 2029, when the portfolio provides $287 million in savings.
- Over the 21-year period since the start of the clean energy policies in North Carolina, rates are expected to be lower than they would have been had the state continued to only use existing, conventional generation sources.