Key takeaways


nked into reality in August 2022, the Inflation Reduction Act (IRA) goes beyond battling climate change — it's a major factor in fueling job creation within the thriving clean economy. A fresh report from BW Research Partnership shines a light on a significant uptick in clean energy employment, with solar taking a substantial cut of the pie.

In the first year post-IRA enactment, private companies have pledged a whopping $86 billion across 210 clean energy and electric vehicle initiatives. With BW Research Partnership forecasting an extra $20 billion in investments from projects that have yet to specify their investment sums, at least 75,000 new jobs are anticipated to emerge nationwide.

Solar energy ventures alone are shining bright with $12.15 billion in capital investments, with ongoing operations adding another $1.35 billion annually. This financial upturn translates into job creation across the board, with over 35,000 construction jobs every year during the build phase and 12,000 yearly operational jobs once the projects are up and running.

These new employment opportunities are spread across various sectors, with construction jobs making up 48% during the building phase, followed by 18% in indirect roles and a significant 34% in induced positions. These induced jobs illustrate the solar industry's wide-reaching influence, such as local restaurants hiring more staff due to the higher spending by workers from construction and manufacturing. The sectors gaining the most include healthcare, retail, professional business services, finance, insurance, real estate, and hospitality.

The cash flow is equally noteworthy. Solar labor income, covering everything from wages to self-employment earnings, is set to hit over $2.5 billion in the construction phase and will add over a billion dollars during operation.

Installing solar panels can be worth it depending on factors like location, energy consumption, incentives, and upfront costs. Research and consultations with professionals can help make an informed decision.

“Together, these direct and indirect jobs and investments tell a nationwide story of opportunity for domestic manufacturing, clean energy production, transportation and infrastructure modernization and American ingenuity, thanks to the clean energy incentives and investments made possible by the IRA.” - the report states, offering a promising outlook for an environmentally-friendly economy.


Key takeaways

Nov 30, 2023
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