Investments in renewable energy are making big waves in Texas, possibly to the tune of $50 billion in landowner lease payments and local taxes.
According to Factor This, a new report has estimated that massive figure as the total reward for solar, wind, and battery storage projects across the state. The current and expected projects could contribute more than $20 billion in total tax revenue and pay state landowners $29.5 billion.
With data shared by a group of nonprofits, including the Solar Energy Industries Association and the Texas Solar + Storage Association, the report's author was also able to project that more than 75% of Texas counties could receive tax revenues from these clean energy projects, per Factor This.
"In many cases, the long-term revenue streams renewable energy and energy storage lease agreements provide are helping rural Texans hold on to land that has been in their families for generations," said Joshua Rhodes in a release. The author of the report, Rhodes is also a research scientist at the University of Texas at Austin and chief technology officer at energy firm IdeaSmiths LLC.
"And this comes at a time of tremendous growth in electricity demand when we need every new megawatt we can generate, so renewable energy and energy storage projects have the added benefit of helping to increase the state's electric grid reliability."
The report also found that renewable energy projects are considered advantageous in Texas by elected officials, community leaders, and landowners who, by welcoming renewable energy and energy storage projects onto their property, can benefit from "stable, reliable, multigenerational income for their families."
This aligns with data recently released by Cleanview and the U.S. Energy Information Administration, which, according to Reuters, shows that Texas "is estimated to have installed nearly 80% more combined solar, wind and battery capacity than the next largest state" in the country.
One major Texas energy project that's nearly complete is Hornet Solar, a farm of 1.36 million solar panels. It covers six square miles of Swisher County and will be able to power more than 160,000 homes every year, per Electrek.
Solar farms are not only great for the environment but also for local homeowners. They lower the cost of energy in the area, reduce pollution, and improve air quality.
For more information on switching to solar, check out TCD's guides to installing your own panels or signing up for community solar.
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