A package of federal investments in energy efficiency would stimulate the US economy and create 660,000 jobs through 2023, according to a new study released by the American Council for an Energy-Efficient Economy (ACEEE).
The study is based on an analysis made by ACEEE on 17 energy efficiency law proposals submitted to the US Congress.
The package would also help cut consumer and business energy costs by more than $120 billion and reduce carbon dioxide emissions by more than 900 million metric tons, equivalent to removing 200 million passenger vehicles from the road for a year.
In addition, the investment would result in 1.3 million added job-years over the lifetime of the investments and savings.
The proposed programmes would add about 200,000 jobs into the US economy each year during the largest investments from 2021 to 2025, and then about 60,000 per year through 2030.
The largest estimated impacts would result from Congress approving tax incentives for efficiency improvements to commercial buildings and existing homes and for electric vehicles.
Up to 360,000 energy efficiency workers primarily in construction are unemployed in the US, according to ACEEE.
Steven Nadel, executive director of ACEEE, said: “We can put people back to work and even create new jobs in the efficiency sector; it’s as simple as that.
“These proposals would stimulate the economy quickly because they’re largely based on existing programmes we know work. They’d generate jobs while reducing home energy costs and making a big cut to greenhouse gas emissions.”
Read more about the report.