Potential Economic Impacts of Renewable Energy in Virginia

Virginia Conservation Network
George Mason University (GMU), Center for Regional Analysis

The report examined the capacity for renewable energy in Virginia to provide 9,724 MW of electricity by 2035 (half the additional capacity needed under the 2010 Virginia Energy Plan to meet forecasted demand) and quantified the potential resulting economic benefits. Offshore wind contributed 10% of the overall total in Scenario 1, and 33% in Scenario 2. The economic gains from investments in all renewable energy sources ranged from $13 billion to $20.8 billion (Gross State Product), significantly higher than gains from coal and natural gas. The construction costs for renewables would be higher, operating costs would be comparable among all the different sources, but the higher investment required for renewables would create the most significant economic gains. Total job creation varied from 108,000 to 172,000.

Publication Date: 
Thursday, April 12, 2012
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