September 12, 2017

The Economics of Renewable Energy

In December 2015, Congress extended federal wind and solar tax credits, providing support for growing renewable energy industries.

The Natural Resources Defense Council released a report on the tax credit extensions in March, titled “Engine of Growth: The Extensions of Renewable Energy Tax Credits Will Power Huge Gains in the Clean Energy Economy.”

The organization estimated that the policy will add 220,000 jobs and nearly $23 billion in gross domestic product to the U.S. economy this year, and will drive an average annual increase of over 80,000 jobs and $11 billion in economic value through 2025.

ICF performed this economic analysis for NRDC using the REMI PI+ model. NRDC used these estimates to make the case that the extensions will produce both environmental and economic benefits.