Summary of Built Back Better Update
At the end of 2020, we published West Virginia’s Energy Future, demonstrating that a major ramping up of renewable energy in West Virginia through 2035 would be cost-competitive and create economic opportunities for the state.
In an updated analysis, we show the potential impact of President Biden’s American Jobs Plan currently being considered by Congress.
Taking into account key provisions from the American Jobs Plan, our modeling shows that building a Clean Innovation Pathway to 80 percent emission-free power in West Virginia would:
- Cost $855 million less through 2040 than our current trajectory for power resources.
- Cause a net increase in employment in West Virginia equivalent to 3,508 full-time jobs through 2040.
- Grow total earnings for West Virginia residents by $172 million annually (on average from 2021-2040).
- Cause $20.9 billion of investment in new power plants in West Virginia, including 10,600 megawatts of solar, 5,300 megawatts of wind, and 4,984 megawatts of energy storage installations through 2040.
- Expand state GDP by $322 million annually (on average from 2021-2040).
- Achieve 79.4 percent emission-free electricity generation in 2030 and continue to increase thereafter.
If the American Jobs in Energy Manufacturing Act sponsored by Senator Joe Manchin is enacted as part of the American Jobs Plan, our analysis shows that it would:
- Catalyze an additional $1.7 billion in manufacturing investments in West Virginia.
- Create 3,250-4,350 manufacturing jobs in West Virginia, plus 9,300-12,400 jobs created indirectly from the manufacturing investment -- on top of the 3,508 jobs discussed above.
- Generate $610-810 million in additional annual labor income across all sectors in West Virginia, including $290-390 million in the state’s manufacturing sector.
Please read our complete findings in the full West Virginia’s Energy Future: Built Back Better update.