--News Direct--
- Expanded use of renewable energy sources under a new energy policy could result in a 74% decrease in Duke’s greenhouse gas emissions and $1.1 billion in total savings by 2030.
- An extension of renewable programs in NC would quadruple NC’s local tax revenues from solar as compared to current levels, generating approximately $720 million over the project lifetimes.
A new study released this week concluded that advancement of proposed energy policy in North Carolina could lead to over $1.1 billion in savings by 2030, and $5.6 billion by 2035, and significantly decrease the state’s greenhouse gas emissions.
Economists at The Brattle Group released a new study this week that analyzes the generation cost and emissions impacts of a future resource mix that is being discussed by state policymakers, under which renewable energy resources could account for 31% of Duke Energy’s electricity production by 2030 compared to only 13% under the status quo. The study found that under this resource mix:
- Annual cost savings for consumers could reach $590 million annually by 2030 and surpass $1.2 billion by 2035, and cumulative savings could be $1.1 billion and $5.6 billion respectively.
- Greenhouse gas emissions in Duke territory could decline by over 70% relative to 2005 levels.
- Sulfur dioxide (SO2) emissions could decline by 55%, nitrogen oxides (NOX) by 27%, and mercury (Hg) by 47% compared to 2030 emissions under the status quo.
“Renewables are now the lowest cost sources of electricity as well as the safest,” said Chris Carmody, Executive Director of CCEBA. “Expensive coal plants are wasting ratepayer dollars every day they remain open,” Carmody continued. “Replacement with renewables and storage is a win - win for North Carolina: Cheaper, reliable, and much cleaner.”
Based on a 2021 RTI report, some of the most rural and economically-challenged counties in North Carolina saw the greatest clean energy investment from 2007-2020 that also supported almost 300,000 annual full-time jobs during this timeframe. Extending renewable energy investment with a new energy policy will result in over 80,000 direct new jobs during the construction phase - many in rural regions of North Carolina.
The Carolinas Clean Energy Business Association (CCEBA) is a 501(c)(6) non-profit trade association for North and South Carolina’s clean energy industry. CCEBA is an association of independent power producers, suppliers, and customers, who are committed to preserving and expanding private sector market access amidst a vertically integrated utility environment. For more information, go to www.CarolinasCEBA.com.
Contact Details
Carolinas Clean Energy Business Association
Chris Carmody
+1 919-590-4017
Company Website
View source version on newsdirect.com: https://newsdirect.com/news/new-study-shows-nc-could-save-energy-consumers-over-half-a-billion-dollars-in-less-than-10-years-431782982
