North Carolina’s Renewable Energy Industry Gets a Boost Through Federal Stimulus Package

Sustainable energy companies in North Carolina finally have some relief in sight within this very difficult economic climate. The $787 billion federal stimulus package recently signed into law is expected to mean more than $163 million in spending on North Carolina renewable energy and energy efficiency projects in the next two years. This could mean the creation of over 7500 "green jobs" – including both short-term, "shovel-ready" jobs and long-term, permanent jobs, according to a study done by the North Carolina Sustainable Energy Association (NCSEA).

NCSEA generated these numbers using survey responses from 71 of the approximately 500 companies currently employing people across North Carolina in the renewable energy and energy efficiency industries. Within the survey, companies were asked several questions in order to capture their current size (employment), their market/economic barriers to expansion, as well as how many new projects could be initiated before the end of 2010 and how many new jobs could be created.

These valuable survey results were collected in an effort to educate our state’s elected officials and key decision makers, who are currently taking steps to ensure North Carolina receives its fair share of federal economic stimulus funds and determining how the funds will be allocated.

NCSEA is also urging state legislators to take action in providing a necessary boost to the industry. Their top priority is the removal of a $100 million cap on energy-efficiency work contracts. Contracts totaled $99 million as of the beginning of February 2009. They are also proposing that state income tax credits for installing energy-saving features at home be extended from 2010 to 2016.

Between the stimulus bill allocations and the passage of proposed legislation, North Carolina could expect the creation of thousands of new jobs and doubling of the renewable energy and energy efficiency industry in approximately two years. This growth, in turn, will bring about the modernization of state and federal buildings, make homes and schools more energy efficient, save consumers and taxpayers billions on their energy bills, and much more.