New Data Confirms Renewable Energy’s Growing Contribution to the Texas Economy
AUSTIN, TEXAS – Renewable energy and battery energy storage projects continue to generate tens of billions of dollars in tax revenue and landowner payments while contributing significant and essential power generation resources to the electric grid, according to findings showing 2023 growth released by the Texas Association of Business (TAB), Advanced Power Alliance (APA) and Conservative Texans for Energy Innovation (CTEI).
According to new evaluations including 2023 investments, existing and planned utility-scale wind, solar and energy storage projects in Texas, over the course of their lifetimes, are estimated to generate $16.7 billion in local tax revenue, a 16% increase from 2022, and are expected to pay local landowners nearly $19.3 billion, a 15% increase from 2022.
Data also suggests existing and expected projects can generate significant megawatts of additional power available for the grid.
“If Texas is to maintain its standing as a global energy pioneer, we must continue investing in an all-of-the-above energy approach,” said Texas Association of Business President & CEO, Glenn Hamer. “TAB is proud to partner with APA and CTEI to advance policies that will ensure Texas remains an economic powerhouse while ensuring a reliable grid for all Texans and their businesses.”
The interactive map shows project size, tax, and landowner payment data per legislative district and can be accessed at www.txrenewables.net.
The above data includes 2023 figures updated from 2022 figures released in a report, “The Economic Impact of Renewable Energy and Energy Storage in Rural Texas,” authored by Dr. Joshua Rhodes, Chief Technology Officer of Idea Smiths LLC and a Research Scientist at The University of Texas at Austin, issued last January.
###
TAB is the Texas State Chamber, representing companies of every size and industry. The Association’s purpose is to champion the best business climate in the world, unleashing the power of free enterprise to enhance lives for generations. Follow TAB on Facebook, Twitter, and LinkedIn.