Study: Going 100 percent clean energy will grow Wisconsin economy, create jobs
A new study has found that following through on the state’s goal of moving to 100 percent clean energy by 2050 would grow Wisconsin’s economy by $21 billion and create more than 34,000 jobs.
An analysis by the Midwest Economic Policy Institute (MEPI) and the Fiscal and Economic Research Center (FERC) at the University of Wisconsin-Whitewater found that the money the state invests in clean energy will have a significant return on the investment.
“Every $1 billion spent on clean energy delivers a stronger return in the form of economic activity and fiscal outcomes than comparable investments in fossil fuels,” said study coauthor and FERC Director Dr. Russell Kashian. “However, the data shows that such impacts rely on a policy framework that can develop enough adequately skilled workers for these jobs and maximize those returns.”
Based on data from the U.S. Department of Energy, researchers found that the total cost of adding 8 GW of additional wind and solar energy production capacity would cost the state about $390 million per year through 2050, or a total of $9.8 billion after federal tax credits. But researchers determined that those investments would grow Wisconsin’s economy by $824 million, generate $77 million in tax revenues and create 1,400 jobs every year.
Additionally, the added cost per electricity consumer would be less than $4 per month and would give Wisconsin the 12th cheapest utility rate in the country, 13 percent below the national average.
However, the researchers said without policy changes to protect local workers, the effects of the investments would be muted. According to data from the Public Service Commission (PSC) of Wisconsin, 86 percent of the construction on Wisconsin’s clean energy projects since 2001 has been performed by local workers. Without protection against developers bringing in workers from out of state, those economic benefits may not be as large.
