Renewable energy economic promises fall short: university study
A University of Wyoming professor has conducted an economic study of the real results of “green” energy policies in 12 states, including Wisconsin, and come up with the conclusion that any gains fall far short of promises … and that there are real economic costs related to higher electricity bills for consumers and business.
Study: Renewable Energy Mandates Come Up Short On Economic Promises
MacIver Institute Director of CommunicationsWith data provided by Dr. Timothy Considine
The University of Wyoming
Do renewable energy mandates foster new industry and create waves of high-tech jobs, as many advocates claim? New research debunks this claim, indicating that the mandate’s costs far outweigh its benefits.
The new research, “Evaluating the Costs and Benefits of Renewable Energy Portfolio Standards,” was conducted by University of Wyoming professor Dr. Timothy Considine, who evaluated 12 separate states with a Renewable Portfolio Standard (RPS), including Wisconsin.
The research describes the direct cost of the RPS to the Wisconsin electricity industry and therefore to electricity consumers. Wisconsin’s RPS forces consumers to pay higher electricity costs – $474 million in 2016 alone. By 2025, the increased cost paid by Wisconsinites attributable to the RPS is projected to increase to almost $500 million.
Increased electricity rates caused by renewable energy mandates also result in approximately $1 billion in lost economic activity in Wisconsin each year. Job losses attributable to the RPS are 7,000 to 10,000 jobs below employment levels without RPS mandates, even after factoring in the meager number of new “green” jobs.
Contrary to claims made by environmental advocates that RPS mandates lead to large numbers of new “green” jobs and new economic growth, the real costs in economic activity and lost jobs attributable to RPS mandates far outstrip any negligible gains in the renewable energy industry.
- Renewable energy mandates cost Wisconsin taxpayers and ratepayers nearly half a billion dollars per year.
- Renewable energy mandates cost Wisconsin around 10,000 jobs per year, far more than the “clean energy” jobs created.
- Losses in economic activity hover around $1 billion per year as a result of renewable energy mandates.
See the report and link to the study here.