Assessing the 2023 Economic Impact of the IRA
Clean Energy Industry Surpasses $150 Billion Capital Investment Milestone, Surpassing the Last Five Years Combined.
Clean Energy Investment Surge
The clean energy industry is making waves with an impressive surge in new investments and jobs, according to a recent report. The report highlights a remarkable 46 announcements of new, expanded, or re-opened utility-scale manufacturing facilities across the US, totaling over $150 billion in capital investment.
Notably, 26 of these facilities are dedicated to solar manufacturing, with 10 focused on battery storage and 8 on wind manufacturing. The report also reveals the creation of 18,000 new American manufacturing jobs, paving the way for economic growth and sustainability.
The report indicates that the new federal incentives for clean energy are expected to double the clean energy workforce and power the equivalent of every home in America by 2030. However, the report warns that this once-in-a-generation opportunity to significantly build out clean energy resources must be accompanied by expediting and streamlining the permitting process. Without these measures, 100 GW of clean energy and 150,000 jobs are at risk of significant delay.
(Source for chart) -Last Updated December 12th, 2022-
The recent surge in investment in the clean energy industry is truly unprecedented, with the total investment in utility-scale clean power projects exceeding the sum of investments made in the previous five years combined, spanning 2017 to 2021. This level of investment is a testament to the growing interest in clean energy, as more and more investors recognize its potential for long-term growth and sustainability.
According to the American Clean Power (ACP), over 96 GW of utility-scale projects have been announced over an eight-month stretch. This represents a significant increase in the capacity of clean energy projects across the country, and is a clear indication of the industry's rapid growth.
With nearly 96,000 MW of announced clean energy capacity, the industry is taking strides towards a greener future, while providing consumers with $4.4 billion in savings. In fact, 24 million Americans are set to benefit from utilities who have announced these savings.
Source: EPA
The states benefiting from these developments include Alabama, Arizona, Colorado, Georgia, Iowa, Michigan, Minnesota, New Mexico, New York, Ohio, Tennessee, and Texas. However, with some locations yet to be determined, the potential for further economic and sustainable growth is promising.