RTI International released a new study on Monday revealing that clean energy has positivity impacted North Carolina’s economy for the last few years.

The Economic Impact Analysis of Clean Energy Development in North Carolina report reveals the sizeable contributions that clean energy development is making to the North Carolina economy. The analysis also focuses specifically on the clean energy policies that have had a proven positive economic impact in the state.

The North Carolina Sustainable Energy Association (NCSEA) commissioned the group to conduct an independent analysis focused on key clean energy policy drivers and the economic and fiscal impacts that result. The study found that the Renewable Energy & Energy Efficiency Portfolio Standard (REPS), renewable energy investment tax credit, and Utility Savings Initiative were significant drivers of clean energy development in North Carolina.

“Clean energy has offered the people of North Carolina a solid return on investment, especially in some of our state’s rural communities,” said Lowell Sachs, spokesman for the NCSEA. “For example, for every $1 North Carolina invests in tax credits for renewable energy, state and local governments are seeing at least $1.93 flow back into their coffers to support core functions of government like transportation, education, and public safety. That’s real value.”

The study’s key findings include:

• Between 2007 and 2013, approximately $2.7 billion was invested in clean energy (renewable energy and energy efficiency) development in North Carolina.

• This investment has supported 36,885 annual full-time equivalents (FTEs).

• North Carolina tax credits taken by renewable energy projects developed between 2007 and 2013 supported $1.93 in state or local revenue for every $1 of incentive. Since 2007, the state’s renewable energy development has generated $236.3 million of state and local tax revenue.

• Renewable energy project development in 2013 was $732.4 million, or nearly 42 times the $17.5 million investment in 2007.

• Between 2007 and 2013, state government has avoided $559.7 million in energy costs due to energy efficiency programs.

• From 2007-2013, the total economic benefit of clean energy development in North Carolina was more than $4.7 billion. Rural counties have benefited greatly, including more than $50 million of renewable energy investment in each of these 10 counties – Beaufort, Cabarrus, Catawba, Cleveland, Davidson, Duplin, Person, Robeson, Wake and Wayne Counties.

This report presents an update to the retrospective economic impact analysis of renewable energy and energy efficiency
investment included in the 2013 report, The Economic, Utility Portfolio, and Rate Impact of Clean Energy Development in North Carolina, prepared by RTI International and LaCapra Associates last year.