Solar Energy Benefits New York Economy

Salvatore Cardoni

More than 22,000 direct or induced green jobs. $20 billion in economic output. And a measly 39 cent increase in the average residential electric bill. These are the positive effects that would be levied upon New York if state legislators pass a landmark solar power bill currently under consideration, according to Vote Solar, a solar energy advocacy organization.

The New York Solar Jobs and Development Act would require the Empire State to install 5,000 megawatts of solar power by 2025—that’s enough sun energy to power approximately 1 million homes.

“This legislation represents a strong investment in New York’s energy future, one that would deliver returns immediately and for generations to come,” said Republican State Senator Andrew Lanza in a Vote Solar press release.

The amount of sunlight that hits the Earth in just 40 minutes is equivalent to the amount of energy our planet consumes in one year.

The report comes at a particularly bright stretch for solar energy.

Earlier this week, TakePart reported that First Solar, the world’s leading low-cost manufacturer of solar modules, cannot meet this year’s demand for the clean-energy panels. In the burgeoning green economy, it’s a very good sign when demand outpaces supply. And then there was a report out of Japan that the Shimizu Corporation has a clean energy solution that is literally out of this world—the company wants to put a solar power plant on the moon.

According to an April report from the Solar Energy Industries Association:

Despite the Great Recession of 2009, the U.S. solar energy industry grew—both in new installations and employment. Solar industry revenues also surged despite the economy, climbing 36 percent in 2009.

Another sign of continued optimism in solar energy: venture capitalists invested more in solar technologies than any other clean technology in 2009. In total, $1.4 billion in venture capital flowed to solar companies in 2009.