Clean Energy Companies are Investing in America
Federal incentives enacted into law this year represent a monumental investment in the nation’s energy transition – an investment that will deliver clean energy, jobs, domestic manufacturing, and economic growth. Such incentives are set to double the size of the clean power workforce to 1 million, triple the amount of clean energy in the U.S. by 2030 and catalyze billions to be invested in new domestic manufacturing plants. This firmly puts America on a path toward energy independence.
In just the last three months, over $40 billion of new grid-scale clean energy investments have been announced, according to ACP’s new Clean Energy Investing in America report. This amount is equal to the total investment estimated for all clean energy projects installed in 2021.
Across the country, in red and blue states, this results in jobs and more affordable energy. Twenty new clean energy manufacturing facilities have been announced in the last three months, creating 7,000 new jobs. From Wisconsin to Texas, and Alabama to Colorado, the clean energy industry is building utility-scale projects and manufacturing facilities.
Other key highlights of the Clean Energy Investing in America report include:
- $2.5 billion in consumer savings
- Over 13 gigawatts of new clean energy capacity
- 12 new solar manufacturing facilities
- 6 new grid-scale battery storage manufacturing facilities
- 1 reopening and 1 expansion of wind power manufacturing facilities
The clean power industry’s job-creating investments are already underway across America. Here are just a few of the over $40 billion in domestic clean energy investments ACP members are making across America:
- Enel North America recently announced plans to build a new U.S. solar manufacturing facility, which will create up to 1,500 clean power jobs and support the creation of a domestic solar supply chain.
- TPI Composites announced that an Iowa wind blade production plant will reopen, bringing up to 800 jobs to the region.
- Xcel Energy plans to build a 460-megawatt solar project in Minnesota that will replace a coal-fired power plant.
- WEC Energy Group Inc. projects long-term customer savings of nearly $2 billion.
- Alliant Energy announced plans for its first utility-scale battery installations at solar farms in Wisconsin.
- Duke Energy Florida plans to decrease rates, saving customers $56 million annually.
- Mission Solar Energy, the only solar panel manufacturer in Texas, plans to more than triple its capacity to 1 gigawatt annually and double its staff by 2024.
The clean power industry is investing in our economy, powering jobs, and reducing emissions. Federal incentives of the past year are only beginning to take effect, but they are already laying the foundation to make America a manufacturing powerhouse, help reduce our dependence on foreign energy sources to meet our domestic needs and ensure an energy transition for all.
To keep up the momentum and ensure the full potential of these investments and manufacturing facilities, ACP urges the Administration and Congress to continue improving trade policies, enacting common sense permitting reform, and finalizing effective tax implementation. Only then can we – and will we – be able to realize the potential these significant investments have unlocked.