Economic Benefits of Solar
Arizona Solar Economic Facts
- Past Federal and State tax credits stimulated the installation of over 100,000 solar water heating devices in Arizona. Current day savings estimates for a typical residential installation range between $28-$45 per month, or additional disposable capital totals $2.8 - 4.5 million "gained" by Arizona citizens per month, just in water heating. The numbers escalate significantly when buildings using solar and renewable energy are included.
- Input/output analysis demonstrates that every $1.00 spent within a community produces about $1.67 of local economic activity. A direct savings of $2.8 - 4.5 million of economic activity for Arizona communities.
- Arizona benefits from solar directly since most of the money spent goes toward the building materials and equipment produced and installed by Arizona companies thereby staying in the State. By contrast, most of the money expended for electricity and gas flows out of the state and is thus not available for spending and saving by Arizona citizens.
- The Arizona solar design, construction, and equipment industry is a job creator that could contribute significantly to employment within the State. The equipment industry, and portions of the solar construction industry, are labor intensive in nature since there is use of materials and equipment manufactured in the State, and installation and maintenance is done by local technicians. Additional jobs necessitating specialized expertise of solar engineers, planners, architects and designers are a benefit in the expansion of technology development and implementation.