A Majority Renewables Future

Policies and programs focused on boosting infrastructure investment, including the U.S. electric grid and clean energy power plants, can play an important role in economic recovery and job growth.  Innovation, investments, and new opportunities will move America towards a more prosperous, cleaner future to ultimately benefit local communities, the environment, and consumers.

• Deploy over $1 trillion in capital investment over the next decade.

• Support nearly 1 million direct, renewable energy jobs.

• Stabilize wholesale power prices and preserve grid stability.

• Reduce U.S. carbon emissions by over 60 percent.

• Spur capital investment: This future will inject over $1 trillion dollars in capital investment in U.S. infrastructure, including investment in local, rural communities.  
• Grow the domestic supply chain: Strong deployment of renewables will boost demand for components and services along the entire value chain, including U.S. steel and other commodities like concrete as well as skilled labor AND transportation, and logistics services.  
• Power future job creation: A 50% renewable energy future will create nearly 1 million direct development, construction, installation, operations, manufacturing, and supply chain jobs. Nearly 2.3 times as many jobs as currently employed by fossil fueled-power plants and the extraction activities that supply those plants. Renewable energy jobs are well-paying with representative annual wages ranging from $60k-$110k/year. 
• Support local economics: Renewable projects will deliver a boost to communities and local economies from $64 billion in state and local payments during the decade, including $39 billion in state and local taxes and $25 billion in land lease payments from new wind and solar projects.   
• Reduce emissions and improve our environment: In addition to reducing harmful air pollutants that can lead to asthma and other respiratory illness, this clean energy deployment will lower emissions from the electric sector by 76 percent below 2005 values, helping meet most of the target set under the Paris Agreement.  
• Provide expanded access to affordable, reliable clean electricity:  Wholesale electricity prices decrease and remain stable throughout the decade as low-cost renewables bring down the cost of electricity generation. Moreover, sizable grid infrastructure investment will benefit consumers by ensuring this low-cost renewable energy makes it to market, reducing congestion, and improving reliability. Study after study has shown that transmission benefits more than outweigh the costs – meaning consumers win.  

Wood Mackenzie estimates $70-$90 billion of targeted investment in transmission infrastructure will be key to achieving 50% renewables.

According to a new, first-of-its-kind study released by global natural resources research consultancy Wood Mackenzie and the American Clean Power Association (ACP), reaching a majority renewables grid will deploy over $1 trillion in capital investment into the American economy over the next decade, while supporting 980,000 direct jobs, stabilizing wholesale power prices, and reducing U.S. carbon emissions by over 60 percent. Targeted administrative actions and Legislative policies are essential for the U.S. to achieve these benefits within the next ten years.