Pennsylvania, the shale king, could go clean energy with a $400 billion revenue and an additional $20 billion in tax revenue, a new study by Advanced Energy Economy (AEE) says.
The study concludes all of this by quantifying the economic benefits associated with clean energy investments; international economics consultant Analysis Group produced the study for AEE.
They used an industry modeling tool to estimate the impact of investing in the state, as it is becoming a centerpiece in the U.S. energy sector. Due to its enormous shale production and the importance it has amid the election.
The study shows that, with a hypothetic $50 billion of public investment allocated to advanced energy solutions, such as renewable sources, energy efficiency, grid monetization, among others, the state would have an economic return of $400 billion.
With this hypothetical investment, more than 2.6 million jobs would be created; in the energy efficiency sector, other 1.6 million jobs, and in renewable, more than 405,000, the study suggests.
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Daniel Bloom, head of AEE, points out that, according to the study, Pennsylvania would be “one of the strongest returns on investment with an eight-fold economic impact.”
Pennsylvania, a centerpiece for Nov. 3rth election
Pennsylvania is already a big player in the U.S. energy sector, with shale gas as its core production. Analysts estimate that the state has 32,000 people working in shale extraction as of June 2020.
Also, as the Washington Examiner reports, the state is the only one that levies and impact fee on shale producers. It has generated, because of the fee, nearly $1.7 billion in new revenue since 2012.
With all these advantages, Pennsylvania could go clean energy with significant revenue. “Given its strong manufacturing legacy, plus a broad and diverse base of companies and supply-chain, Pennsylvania is well-positioned to expand advanced energy,” Bloom says.
Another interesting point of the study is that Pennsylvania would be great positioned to leverage electric transportation growth. The report shows that more than 350 firms in the state with some declines in recent years, could easily transition to the supply chain of electric vehicles.
This is an essential outlook as the state is now a centerpiece for the November third election; with Donald Trump and Joe Biden disputing the voters over fracking would be banned or not. Many of which are more supportive of the republican vision to not ban fracking at all.