NEW REPORT: Battery Storage and Renewable Energy Projects Are Boon to Texas Economy
Renewable energy and battery storage projects in Texas generate tens of billions of dollars in tax revenue and landowner payments
“Over 60% of the taxes and landowner payments from these renewable energy projects are paid out to schools, counties, hospital districts, community colleges and residents in rural Texas counties.”— Matt Welch, CTEI State Director
AUSTIN, TEXAS, USA, January 5, 2023/ EINPresswire.com / -- Renewable energy and battery storage projects generate tens of billions of dollars in tax revenue and landowner payments, 60 percent of which benefits rural counties, according to a report released by Conservative Texans for Energy Innovation (CTEI), the Advanced Power Alliance (APA) and the Texas Association of Business (TAB).
Matt Welch, State Director of CTEI said, “Texas’ record growth is continuing across all energy sectors, especially utility-scale renewable energy and energy storage. This report confirms the tremendous economic impact clean energy projects continue to have on Texas.” Welch went on to add, “For the first time, battery storage development and deployment has registered as a major contributor to the future of the Texas energy grid and the growth of this emerging technology has been exceptional.”
The report, titled “The Economic Impact of Renewable Energy and Energy Storage in Rural Texas, ” was authored by Dr. Joshua Rhodes, Chief Technology Officer of IdeaSmiths LLC and a Research Scientist at The University of Texas at Austin. Among the findings in the report:
• Existing and planned utility-scale wind, solar, and battery storage projects will pay between $12.5 billion and $15.9 billion in revenue to local taxing jurisdictions over their lifetime.
• Texas landowners will directly receive $11.8–$21.7 billion in payments over all existing and planned project lifetimes.
• Over 60% of the taxes and landowner payments from these energy projects are paid out to schools, counties, hospital districts, community colleges and residents in rural Texas counties.
• Battery storage projects surpassed wind development to take the second spot behind solar energy development in the ERCOT interconnection queue. As of the last quarter of 2022, there were over 75,000 MW of energy storage projects looking to connect to the ERCOT grid.
The report concluded by stating the growth of renewables has been a significant source of revenue for local jurisdictions and landowners across Texas, but any policy changes that reduce renewable or storage deployment in Texas will reduce these benefits, which are a lifeline to many rural communities across the state.
CTEI is an education and advocacy organization created to promote energy innovation and clean energy policies grounded in the conservative principle of common sense, market-based solutions that allow fair competition and provide greater access to clean, affordable, and reliable energy. For more information, go to www.conservativetexansforenergyinnovation.org. You can follow us on Facebook at https://www.facebook.com/cnsrvtxns4nrg/ and on Twitter at https://twitter.com/cnsrvtxns4nrg.
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