Economic Benefits of Stimulus Spending on Advanced Energy Technologies in California Assessed by Analysis Group Experts
September 29, 2020
In an independent report, Economic Impact of Stimulus Investment in Advanced Energy, Principal Paul Hibbard and Vice President Pavel Darling reviewed the potential economic impacts of applying stimulus funds to develop advanced energy technologies, products, and services in California. Funding for the report was provided by Advanced Energy Economy, a national association of businesses committed to promoting secure, clean, and affordable energy.
The report focuses on how stimulus spending on programs and infrastructure in advanced energy technologies can generate economic activity while also helping California achieve its ambitious energy and climate goals. The report covers a range of advanced energy technologies and services, including energy efficiency, renewable energy (solar and wind), electrification of buildings, electrification of transportation (electric vehicles and charging infrastructure), energy storage, grid modernization (smart meters, microgrids), and high-voltage transmission. The report’s authors estimated the overall contribution to the California economy of these investments, including the level of private spending and investment that would be stimulated, jobs created, and consumer savings on energy costs.
The results of the analysis point to strong economic benefits associated with advanced energy technology investments.