A new study commissioned by Advanced Energy Economy says commercial and industrial businesses are looking for more renewable energy resources, which could be an economic boon for Indiana. The report, conducted by independent research and consulting firm WoodMackenzie, says the Hoosier state could benefit from more than $5 billion in investment and nearly 25,000 jobs.
“Opportunities for Meeting Commercial and Industrial Demand for Renewable Energy in Indiana” estimates the potential demand for renewable energy from C&I companies over the next 10 years. The study focuses on the energy, chemicals, and metals and mining industries.
The report finds demand for renewable energy from large energy users is expected to grow from 1.7 gigawatts to 3.6 gigawatts over the next 10 years. If the demand is met, the report says Indiana would see between $229 million and $482 million a year in capital investment and between 11,500 and 25,000 jobs created over the same time period.
“Indiana has an opportunity to lower the cost of energy for businesses across the state by offering more options to purchase renewable energy,“ Caryl Auslander, director of Indiana AEE. “This report reveals a real and immediate need for accelerated renewable energy buildout in order to attract and retain companies in our state, generating billion dollars of investment and tens of thousands of jobs along the way.”
The report also says wages created by renewable energy development through 2030 would range from $1 billion and $2.2 billion.
You can view the full report by clicking here. We’ll have more on this story in the next INPower e-newsletter.