New report from AEE finds investing in cleaner energy technologies in New Mexico would create nearly 800,000 jobs and save New Mexicans almost $6 billion annually on energy costs
SANTA FE, July 28, 2021 – National business group Advanced Energy Economy (AEE) released a new report today that adds up the benefits of a potential federal stimulus package for New Mexico’s advanced energy sector. According to the report, a federal investment of $20 billion would deliver a nearly six-fold return for the state, adding $117 billion to the GSP (gross state product). The investment would also save consumers, municipalities, and businesses almost $6 billion on energy costs every year for decades to come and create 796,000 industry jobs (measured in job-years) for New Mexicans.
“Investments in technologies like renewable energy, energy storage, and electric vehicle charging would make electricity and transportation more reliable, more affordable, and more sustainable for families and businesses in New Mexico,” said Leah Rubin Shen, policy director at Advanced Energy Economy. “Investing in this transformational technology not only has the potential to save families and businesses money on the cost of cooling their homes and getting where they need to go, but would also create good jobs at a time when many in the state are looking for work.”
The report, prepared for AEE by Analysis Group, finds that a $20 billion advanced energy investment in a range of technologies, calculated as New Mexico’s share of a potential $2 trillion federal stimulus package, would:
- Add over $117 billion to GSP;
- Generate $7.5 billion in tax revenue annually;
- Save consumers, governments, and businesses $5.9 billion annually on energy costs;
- Employ 796,000 New Mexicans in advanced energy jobs (measured in job years) in short-term construction and more permanent positions.
“New Mexico’s advanced energy workforce is already over 11,000 workers strong,” said Rubin Shen. “An infusion of public funds in a sector that New Mexico is already committed to would spur significant private investment, helping to further grow the state’s advanced energy industry.”
The report shows that directing stimulus funds toward advanced energy infrastructure and related programs will help New Mexico reach its energy policy goals, in particular decarbonizing the state’s energy systems.
The report also specifies that investments in energy efficiency would add over $73 billion to New Mexico’s economy, while vehicle electrification would increase GSP by almost $22 billion. These economic impacts represent both direct and indirect effects of the stimulus.