New report shows renewable energy standard creates jobs; utilities on track to meet RES
LANSING – A Michigan Public Service Commission report shows Michigan’s renewable energy standard is directly sparking Michigan’s economy, generating $100 million in investments, spurring manufacturing and business growth, and creating jobs, the Energy Innovation Business Council said today. The report also shows that renewable energy now costs less than coal.
The MPSC report on the RES enacted in 2008 included the following highlights:
- Michigan’s current RES generated more than $100 million in investments on advanced energy projects between 2008-2011, many of them directly impacting Michigan businesses and workers
- All renewable energy sources cost significantly less than coal per megawatt/hour, with renewables costing an average of $91.19/MWh, lower than the $133/MWh for a new coal plant.
- Michigan is on track to meet the current renewable energy standard of 10 percent by 2015
The MPSC report went on to say: “Michigan has the potential to become a regional leader in development and manufacturing of renewable energy systems, building on the state’s engineering expertise, modernized machining, and investment in renewable energy in coming years. It appears that the Michigan incentive REC (renewable energy credits) provision in the standard is meeting its intended purpose to encourage developers to maximize the amount of Michigan equipment and labor.”