The Real Value of Clean Energy
John Regan’s Feb. 6 column (Energy Cost Review: A Bright Idea) tells only part of the story of the Green Communities Act and the cost of energy in Massachusetts. In doing so, it fails to provide Massachusetts energy consumers with the “transparency” he says is needed. While Mr. Regan rightly noted the consensus on putting consumers first, his analysis failed in that objective by not taking into account the broad economic benefits Massachusetts derives from its renewable energy investments.
This flawed thinking stems in part from a tendency to lump clean energy investments as a “cost” in the same column as fossil fuels imported from out of state and out of country. High energy costs are nothing new for New England, for the simple reason that our region has no oil, coal, or natural gas of its own. While energy costs in Massachusetts have actually come down the last few years, largely due to lower natural gas prices, our continued reliance on fossil fuels leaves consumers vulnerable to price increases and volatility. This is why it’s imperative that we continue to invest in clean energy. Where clean energy investments benefit our regional economy and keep dollars local, energy from fossil fuels involves New Englanders sending billions of dollars out of the regional economy each year.
In addition, clean-energy investment stimulates the regional economy, which has a clear economic benefit: job growth. Though you might not know it from the headlines, the clean-energy sector is one of the bright spots in the economy, growing steadily throughout the recession (6.7 percent between July 2010 and July 2011 alone). Massachusetts is now home to more than 4,900 clean-energy businesses and 64,000 clean-energy workers. What’s more, this job growth is not pulling from other industries; this increase is a direct result of Massachusetts' clean-energy innovation.
The clean-energy sector has the potential to be the next information technology and biotech sector in Massachusetts. IT and biotech took time to become powerhouses. Massachusetts’ clean-energy companies are already bringing significant new global venture capital into our state (#2 in the country last year), and have attracted the largest per-capita concentration of innovation awards from the U.S. Department of Energy. It is not the time to choke off that growth by failing to recognize the value of investment.
We agree with Mr. Regan that the impact on consumers should be at the top of the list in any conversation about energy. That’s why we should all keep in mind that smart investment goes a long way toward growing our state’s innovation economy, improving your neighbor’s job search and stimulating an emerging industry that offers the commonwealth the best opportunity to reduce and stabilize future energy costs.
Peter Rothstein
President, New England Clean Energy Council
WBJ Web Partners
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