New research shows that renewable energy has the potential to create millions of new jobs in the U.S. and result in substantial economic growth for the nation.
The study, conducted by a research team at the University of Tennessee, assumed that if the U.S. were to assume a goal of 25% renewable energy by 2025, an estimated 1.4 million new jobs would be created by 2015, 2.9 million jobs by 2020 and 4.7 million by 2025.
The study, ‘25% Renewable Energy for the United States by 2025: An Analysis on Jobs Created By Meeting this Goal,’ shows that jobs will be created by annual economic growth in the renewable energy sector, reaching $208 billion by 2015, $411 billion in 2020 and $646 billion by 2025. In addition, an estimated 1.3 million temporary construction jobs would be created over the 15-year period.
According to the study, annual national net farm income could increase by $37 billion by 2025, as the market rewards growers for producing alternative energy when compared with USDA baseline extended projections.
"This impact has the potential to assist our rural communities with economic survival," says Burton English, co-author of the study with Jamey Menard, Kim Jensen, Chad Hellwinckel and Daniel G. De La Torre Ugarte, researchers at the University of Tennessee's Bio-based Energy Analysis Group in the Department of Agricultural and Resource Economics.
‘The report underscores the need for appropriate public-policy support and funding to maximize the economic benefits that come from our nation's vast sustainable resources and achieving a clean, 25 by '25 renewable energy future,’ says Read Smith, co-chairman of the National 25x'25 Steering Committee. ‘This report makes clear – and should make clear to policymakers – that these renewable energy resources and a 25x'25 clean energy future offer the nation a triple bottom line of energy security, environmental benefits and economic recovery."