Nevada’s Rural Renewables Generate $7.9 Billion in Economic Impact

The Western Way, in partnership with the Carson Valley Chamber of Commerce released, “The Economic Benefits of Nevada Rural Renewable Energy Facilities.”  The economic impact study, conducted by Development Research Partners, found that 29 rural renewable projects constructed in Nevada from 2006 to 2017 resulted in significant economic benefits to rural Nevada, including:

·       $7.9 billion contributed to the Nevada economy;

·       12,056 Nevada jobs;

·       $947.3 million in wages to paid to Nevada employees; and

·       $152.3 million in state and local tax revenues benefiting Nevada.

The study also found that rural renewable facilities continue to contribute to the Nevada economy after construction is completed.  Annually these projects contribute $187.5 million to the state economy.  This includes ongoing wages of over $61.3 million earned by 1,144 employees and local and state taxes of $6 million per year.

Blake Guinn, Nevada Director of The Western Way, said, “Nevada has the best solar and geothermal resources in the country.  This study demonstrates the significant impact this industry currently has on the Nevada economy and, more importantly, demonstrates the enormous economic opportunity in Nevada to further develop these resources. Utility scale renewables are cost competitive, create jobs, and generate tax dollars for communities throughout the state. Advancing the development of these resources will drive Nevada’s rural economy.”

The study also tested the economic and fiscal benefits of adding new geothermal and solar facilities in Nevada.  The model test case was a new 75MW-Geothermal facility in Lyon County and a 100 MW-Solar PV Facility in Nye County.  The report showed the model geothermal project would result in a total economic output of $14.9 million for construction and $8.9 direct and indirect benefits annually.  The potential solar project would yield $2.5 million in total economic output and annual operations would generate $1.9 million.

Executive Director of the Carson Valley Chamber of Commerce, Bill Chernock said, “The results of this study show just how significant renewable energy is to our state’s overall economy and how future projects could boost our local economies.  These projects can drive significant investments, jobs and reliable annual tax revenues to regions of our state that are too often overlooked.”