AUSTIN, TEXAS (January 19, 2024) – Renewable energy and battery energy storage projects continue to generate tens of billions of dollars in tax revenue and landowner payments while contributing significant and essential power generation resources to the electric grid, according to findings showing 2023 overall annual growth released by Conservative Texans for Energy Innovation (CTEI), Advanced Power Alliance (APA), and Texas Association of Business (TAB).
According to updated valuations as of 12/31/23, existing and planned utility-scale wind, solar, and energy storage projects in Texas, over the course of their lifetimes, are estimated to generate $16.7 billion in local tax revenue, a 16% increase from 2022, and are expected to pay local landowners nearly $19.3 billion, a 15% increase from 2022.
“All Texas residents are benefitting tremendously from the phenomenal growth of renewable energy, especially in rural Texas,” said Matt Welch, State Director of Conservative Texans for Energy Innovation. Data also suggests existing and expected projects are generating significant megawatts of additional power to the grid. “Our state continues to benefit from an “all of the above” energy strategy and Texas regulators and lawmakers need to stop picking winners and losers in the energy sector if we want a reliable power grid for our future,” Welch added.
The interactive map shows project size, tax, and landowner payment data per legislative and congressional district and can be accessed at www.txrenewables.net. The above data includes 2023 figures updated from 2022 figures released in a report, “The Economic Impact of Renewable Energy and Energy Storage in Rural Texas,” authored by Dr. Joshua Rhodes, Chief Technology Officer of Idea Smiths LLC and a Research Scientist at The University of Texas at Austin, issued last January.