Written By: Natalie Baer
Clean energy investments in Nevada have significantly increased over the past five years, with over $5.5 billion committed since 2010, boosting the state’s economy and employment rates.
A report released by the Clean Energy Project (CEP), an organization dedicated to powering the clean energy economy through education and engagement with policy leaders, finds that Nevada’s recent surge in clean energy investment has increased job creation and driven economic growth.
Due to Nevada’s Renewable Energy Tax Abatement program, Nevada will receive over $820 million in employment and property benefits from these projects.
According to the report, the renewable energy tax program currently supports 1,500 megawatts (MW) of clean energy projects that are either complete or in final development stages. These clean energy projects have created almost 3,000 construction jobs, with an average salary of $37.30 an hour.
In addition, Nevada’s Investment of $500 million in tax abatement has attracted a further $5.5 billion of capital investment in clean energy projects, resulting in a ten-fold return on the investment and making Nevada a hub of clean energy.
One of the sunniest states in the nation, Nevada has already developed 1.5 gigawatts (GW) in solar projects, and has accepted applications for abatement on a further 1.176 MW of solar energy projects.
Nevada energy plants also generate more than 566 MW of geothermal power, ranking the state second-highest overall in geothermal power production.
“Renewable energy is one of the focuses of our economic development”, said Brian Sandoval, Governor of Nevada to leaders gathered from the renewable energy industry in front of the solar-powered Welcome to Las Vegas sign in celebration of the new report. He added, “I think that the taxpayers can be confident that they’re getting a good return on their dollar.”