The New York State Public Service Commission (PSC) policy to promote renewable energy is known as the "Renewable Portfolio Standard" (RPS). The RPS sets a goal of increasing the proportion of renewable electricity used by New York consumers from a level of 19.3 percent to at least 25 percent by the year 2013. To assess the economic benefits of achieving that goal, the New York State Energy Research and Development Authority (NYSERDA) hired EDR Group and the KEMA Group. The study covered direct and indirect benefits of investments in wind, hydropower, and biofuel generation facilities.

As noted in the report's executive summary... "The study analyzed the economic impacts associated with expenditures on renewable energy facilities' construction & operations in New York State, focusing on for facilities supported by the RPS Main Tier and Maintenance Resources program. It used a discrete set of economic measures that covered the facility's construction phase (approximately 3 years) and over the life of the facility (estimated to last 20 years).. The economic benefits or effects of these measures were analyzed at two levels - the direct benefits or effects in the economy resulting from the facilities were calculated, and the indirect or multiplier effects were modeled (using an IMPLAN input/out model) throughout other sectors of the economy."

Results of the analysis by EDR Group are presented on NYSERDA's web site: "The study found that thirty renewable energy projects supported under the RPS program could generate more than $2.0 billion of in-state economic benefits over their 20-year expected economic life. These benefits are expected to come in the form of new trade and professional jobs, new property tax revenues to local taxing jurisdictions, royalty payments to landowners, purchases of construction materials and equipment rentals, and various other economic benefits. This estimate of benefits excludes consideration of economic spill-over effects associated with increased local income and increased property tax revenues. "

Read about New York's Renewable Portfolio Standard (web page)

View the full economic impact report (pdf)