February 18, 2013
RTI International Researchers Estimate Costs, Benefits of Clean Energy in North Carolina
- Report assesses the costs and benefits of North Carolina’s investments in clean energy projects
- The report was prepared for the North Carolina Sustainable Energy Association by RTI International and La Capra Associates
- RTI reviewed the state’s business and investment climate for clean energy development
- Lisa Bistreich-Wolfe
- Patrick Gibbons
RESEARCH TRIANGLE PARK, N.C. – RTI International researchers today released the findings of a report prepared for the North Carolina Sustainable Energy Association that assesses the costs and benefits of North Carolina’s investments in clean energy projects.
As part of the study, RTI and La Capra Associates sought to address three objectives for NCSEA:
RTI reviewed the state’s business and investment climate for clean energy development, including the effects of the renewable energy and energy efficiency portfolio standard, the state renewable energy tax credits, and the utility savings initiative.
RTI performed a retrospective economic impact analysis of renewable energy and energy efficiency investment on the state economy between 2007 and 2012.
Boston-based La Capra Associates analyzed the rate impacts of clean energy development to date and expected in the future.
Key findings from the study include the following:
Between 2007 and 2012, an estimated $1.4 billion was invested in clean energy projects statewide, including $72 million invested by the State of North Carolina.
During the same time, clean energy investments increased 13-fold in North Carolina, and generated or saved an estimated 8 million megawatt-hours of energy through a combination of renewable energy and energy efficiency projects.
The total economic benefit to the state from these project investments is estimated to be $1.7 billion.
State tax credits claimed over the study period (2007 – 2012) are estimated to total $60.2 million, including an estimated $38.6 million that is forecast by RTI to be claimed on 2012 renewable energy projects valued at $408 million.
Investment in renewable energy projects and the associated energy generation has led to an estimated positive $113 million in state and local fiscal impacts between 2007 and 2012.
The net employment associated with clean energy projects in North Carolina from 2007 – 2012 is 21,163 job years.
There is no appreciable rate impact to residential, commercial, and industrial customer groups forecast through 2026 because of state renewable energy and energy efficiency policies.