Growing Industry in New Mexico
A report out by the Solar Foundation shows that the solar industry continues to have a positive economic impact on the country. According to the report, “The industry added $84 billion to the nation’s gross domestic product (GDP) in 2016.”
The study also found that the solar industry created 260,000 jobs, with one solar related job supporting an additional 2.03 jobs. These workers, who earned $50 billion in compensation, then contribute to other economic activity, considered induced impacts, based on spending by workers and employees, and this contributed an additional $62.5 billion in sales to the economy.
The top five states for the solar industry are California, Florida, New York, Ohio and Texas. While New Mexico is the best state suited to install solar, it ranks 8th for solar jobs per capita. Even though it has the second highest range for PV generation hours, it is cooler here than Arizona, so panels actually generate more energy.
REIA wants to see New Mexico take it’s rightful place among the top states with the best economic impact from the growing solar industry.
This is the kind of economic impact that could really help New Mexico. Solar jobs year/year growth in our state increased 64% between 2015 and 2016 from 1,899 jobs in the sector to 2,929 jobs. Policy makers looking for job creation opportunities should be looking for ways to support the growing solar industry in New Mexico. It’s the best opportunity for growth that we have.