As wind and solar become increasingly popular, New Mexico can position itself as an industry leader and exporter of renewable energy—with the right policies in place
Albuquerque, NM –Today New Mexico leaders and renewable energy experts convened for a virtual event, “Powering the West: How New Mexico Remains Competitive” to discuss how New Mexico can foster renewable energy growth in the state, maintaining a competitive edge in a growing industry, provide local communities with clean energy, and create economic opportunity. New Mexico ranks 3rd in the nation for potential wind capacity, yet ranks only 20th in renewable energy production, making the state a prime target for future development.
In New Mexico, the wind and solar industries have made a combined cumulative investment of over $5.6 billion dollars and employs roughly 5,000 workers.
“With the abundance of wind and solar and stock of talented energy sector workers, New Mexico is a prime location for renewable energy development,” said Jeremy Turner, Director of New Mexico Project Development at Pattern Energy. “As long as New Mexico leaders continue their commendable renewable energy leadership, we anticipate the industry will continue putting up new projects, creating incredible opportunities for local communities.”
Wind now supports 3,000 jobs, $12 million in annual land lease payments, and provides $8 million in tax revenue for state and local governments, leading to improvements for schools, courthouses, roads and bridges, and emergency services.
“New Mexico’s economy is realizing significant benefits from highly competitive renewable energy development policies, leading to nearly $4 billion in private capital infrastructure investment to-date,” said John Tysseling, Consulting Director at Moss Adams. “Industrial Revenue Bonding financing and current tax policies are important factors contributing to both the University of Wyoming and Lawrence Berkeley National Laboratories ranking New Mexico as one of the most competitive states for renewables.”
More than $3.4 billion in capital financing has been invested in wind energy in the state, providing unparalleled opportunities for workforce expansion and economic growth.
New Mexico’s solar industry supports over 2,000 jobs and solar capacity is expected to more than double in the next five years, building on the $2.2 billion dollars the solar industry has already invested in the state.
“Developing New Mexico’s resources not just for its own needs, but to export is a necessary strategy for the state to aggressively pursue, in order to provide jobs, to provide income to the state through fees, taxes and royalties, and to attract large companies to the state, like Pattern, Avangrid and Facebook, that want to be known as renewable energy leaders,” said Doug Howe, former Commissioner, Public Regulation Commission. “In short, to help diversify the state’s economy away from its dependence on a slowly gradually decreasing base of oil and gas revenues.”
With continued investment in transmission and infrastructure, New Mexico could become a leading exporter of renewable energy in the region.
“These days, we are more interconnected than ever, including when it comes to our electric grid,” said Rikki Seguin, Executive Director of the Interwest Energy Alliance. “It means New Mexico renewables are directly competing with those in neighboring states to provide power across the West. In order for New Mexico to continue to benefit from the economic development opportunities that come from new renewable energy development, we need to maintain our competitive advantage.”
To set up an interview with a panelist or speak with a representative from Powering New Mexico, please contact Jesse Dougherty at email@example.com or (608) 807-8619.
Powering New Mexico, an initiative of the American Clean Power Association, is an alliance of New Mexicans who believe we must harness our state’s renewable energy resources, support growth in wind capacity, and advocate for transmission upgrades to deliver that power to market. Learn more at PoweringNM.com.
The American Clean Power Association (ACP) is the voice of companies from across the clean power sector that are providing cost-effective solutions to the climate crisis while creating jobs, spurring massive investment in the American economy and driving high tech innovation across the United States. ACP works to transform the U.S. power grid to a low-cost, reliable and renewable power system. By uniting the power of wind, solar, transmission and storage companies, along with manufacturers and construction companies, developers and owners/operators, utilities, financial firms and corporate purchasers, we are championing policies that enable the continued and aggressive growth in renewable energy in the United States. Visit ACP’s website to learn more about the enormous economic benefits renewable energy brings to America and be sure to follow us on Facebook, Twitter, and LinkedIn.