Georgia’s Energy Outlook Brightens with the Investing in America Plan
Booming Energy Jobs in Georgia: A New Horizon
As of 2022, Georgia proudly boasts an energy sector workforce of 203,319 individuals. The landscape of this workforce is notably green, with 54% engaged in wind, solar, and hydropower. Furthermore, the energy efficiency sector alone has provided over 55,000 jobs. Enter the Inflation Reduction Act: this groundbreaking legislation aims to amplify these numbers by injecting an estimated $180 million into large-scale clean electricity generation and storage projects in Georgia by the year 2030. The future is looking increasingly electrified and eco-friendly!
A Lifeline for Small Businesses
Georgia is a powerhouse of entrepreneurial spirit, home to an astonishing 1.2 million small businesses that make up 99.6% of all businesses in the state. These businesses employ 42% of Georgia’s workforce. The Inflation Reduction Act extends its reach to benefit these crucial players in the state’s economy. Among the advantages are tax credits for commercial building owners—up to $5 per square foot—to implement energy-efficient upgrades. This results in not just a greener business but also significantly reduced utility bills. Further incentives include a 30% tax credit on costs related to adopting solar energy solutions and acquiring eco-friendly trucks and vans for commercial use.
The Clean Energy Revolution
Currently, Georgia is a hub for renewable energy with over 3.9 GW of solar, wind, and storage capacity. An additional 1.3 GW is already in the pipeline, with plans to power more than 192,000 homes. The Inflation Reduction Act fortifies this momentum through tax credits encouraging investments in wind and solar energy. These incentives come at a crucial time, given that the costs of wind and solar energy in Georgia are projected to rise by 22% and 34% respectively over the next 30 years. The Act promises to counter this inflation, making sustainable energy even more affordable.
A Surge in Investments and Job Creation
Since the inception of the Biden administration, the Department of Energy (DOE) has recorded over $150 billion in new investment announcements for the battery and electric vehicle supply chain. Georgia stands as a substantial beneficiary, with 24 new facilities in the state representing over $29 billion and the creation of more than 23,000 jobs.
Simultaneously, the DOE has tracked over $5 billion in new investments for solar energy production. Of this, Georgia claims a significant share—more than $2.8 billion. When these new solar facilities become operational, Georgia will see the addition of over 4,100 new jobs, adding another layer to the state’s expanding green employment landscape.
All in all, Georgia is positioning itself as a leader in sustainable growth, fortified by progressive legislation like the Inflation Reduction Act. The Act serves as a multipronged approach to boost the state’s economy, create jobs, and drive a sustainable future.
