A new study authored by energy expert Dr. Timothy Considine of the University of Wyoming finds that North Carolina’s 12 percent renewable portfolio standard (RPS) will increase electricity prices by 42 percent by 2020, and cost the Tar Heel State up to 50,000 jobs.
The study, “North Carolina’s Renewable Portfolio Standard: Examining the Economic Effects,” details the impact of RPS on electricity prices, job creation, and economic output through 2040. The study serves as a reminder that state lawmakers cannot ignore the economic implications for their constituents.
Renewable Portfolio Standards (RPS) exist in 29 states and the District of Columbia, requiring that a percentage of electricity be generated by wind, solar, and other forms of renewable energy in order to reduce greenhouse gas emissions.
The Civitas study generously accounts for the alleged benefits of renewable mandates as touted by its supporters and still finds that the costs impose significant net harm to the state.
Additional findings for the Tar Heel State:
- In North Carolina, RPS decreases economic output by more than $6.6 billion in 2025.
- Under RPS, North Carolina will experience a net loss of more than 50,000 fewer jobs in 2020 and 45,000 fewer jobs in 2025.
- By 2020, RPS policies increase North Carolina electricity costs by $1.9 billion. That year, the study finds that electricity prices will surge 42 percent.
To read the study, click on the image below: