Engine of Growth: The Extensions of Renewable Energy Tax Credits Will Power Huge Gains in the Clean Energy Economy

In December 2015, Congress passed bipartisan legislation to extend the federal wind and solar tax credits, providing important multi-year policy certainty for the clean energy industry. In this groundbreaking analysis, NRDC has found that these extensions will create more than 220,000 jobs and add nearly $23 billion to the U.S. economy in 2017. The increased wind and solar power will save households money on their monthly electric bills, and utility customers will be less exposed to potential spikes in fuel prices.

This clean energy growth will displace fossil fuel generation that emits the pollution driving climate change and other harmful air pollutants, producing substantial climate and public health benefits. The time is ripe to further accelerate our urgently needed transition to a low carbon economy. Federal and state policymakers should seize the tremendous economic development opportunity that clean energy represents.