Analysis: Energy efficiency investments could boost economy
A package of federal investments in energy
efficiency could stimulate the economy and create 660,000 jobs through 2023, a
new analysis finds. The American Council for an Energy-Efficient Economy
(ACEEE) this week released a study that shows that the measures would create
1.3 million jobs, cut consumer and business energy costs by more than $120
billion and reduce carbon dioxide emissions drastically.
ACEEE modeled the potential impacts of 17
proposals—many already pending in Congress—that would put people to work
improving the energy efficiency of buildings, transportation and industry. The
analysis follows a recent report stating that 360,000 energy efficiency
workers—primarily in construction—are unemployed in the US.
The largest estimated impacts come from tax
incentives for efficiency improvements to commercial buildings and existing
homes and for electric vehicles; policies that have earned bipartisan support
in Congress. Other large proposals include retrofitting apartments and offering
homeowners rebates for efficiency upgrades.
Efficiency proposals do more than save energy
and create jobs, says ACEEE. The Weatherization Assistance Program (WAP) is
also critical to lower energy burdens and provide health benefits for those
most in need during this crisis. Also, proposed industrial programs would
provide large benefits beyond the energy savings.
For each proposal, researchers modeled
national energy savings by fuel, monetary and emissions savings and costs, as
well as the resulting net changes in the number of jobs. The projections are
based on likely scenarios, not on maximum potential impacts, and do not include
additional benefits from expanding future use.
“We can put people back to work and even
create new jobs in the efficiency sector; it’s as simple as that,” said Steven
Nadel, executive director of ACEEE. “These proposals would stimulate the
economy quickly because they’re largely based on existing programs we know
work. They’d generate jobs while reducing home energy costs and making a big
cut to greenhouse gas emissions.”
