Economist predicts 50,000 potential jobs eliminated
RALEIGH — Today, the Civitas Institute released a new study authored by energy expert Dr. Timothy Considine of the University of Wyoming, which finds that North Carolina’s 12 percent renewable portfolio standard (RPS) will increase electricity prices by 42 percent by 2020 and destroy 50,000 jobs by 2020.
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 jobs in 2020 and 45,000 jobs in 2025.
- By 2020, RPS policies increase North Carolina electricity costs by $1.9 billion. The study finds that electricity prices will surge 42 percent that year.
“Energy innovation doesn’t have to harm North Carolinians,” said Civitas Executive Vice President Brian Balfour. “But as our study illustrates, government mandates like the RPS do far more harm than good to the people of our state.”
To view the entire study, click HERE.
To arrange an interview, email Demi Dowdy at firstname.lastname@example.org or call 919.747.8064.
Founded in 2005, the Civitas Institute is a Raleigh, NC-based, 501(c)(3) nonprofit policy organization committed to creating a North Carolina whose citizens enjoy liberty and prosperity derived from limited government, personal responsibility and civic engagement. To that end, Civitas develops and advocates for conservative policy solutions to improve the lives of all North Carolinians.