Population wise, Texas is the second largest state in the U.S. It has a huge scope of renewable energy project which leads to a bright future of this state. Overall, the state of Texas can boast of having the top universities, thriving commercial environment and an energy infrastructure.
It also has a large number of professionals who have the potential to expand technological base. In fact Texas has a business encouraging environment not only for oil and gas industry, but also for the other industries.
Target of Renewable Energy
The state of Texas single handed achieved its target of producing 10,000 megawatts of renewable energy capacity. It is fifteen years ahead of its schedule. A self governing foundation has also published a report in this regard.
As per the report, the Texas renewable Energy creates 23, 000 jobs on yearly basis. It will also generate $2.7 billion every year in terms of local and the government tax revenues. Could clean tech follow high tech and biotech as Texas giants?
Report by Cynthia and George Mitchell Foundation
This report has been published by the Foundation in the capital of Texas; Austin. This study recommended that the state could become a channel for the renewable energy industry, and also envisaged the following three different situations:
- Win an estimated raise in housing energy bills by $13, the state could grow at the rate of 20% in its renewable energy capacity. Consequently it would lead to an ideal state of affairs. It alleges to add 22,900 energy jobs yearly. The state income will also be enhanced by the aforesaid figure of $2.7 billion. Many of the inhabitants would possibly recoil at this else the ‘price of a postage stamp’ daily argument work.
- In a basic situation with a raise of $4 increase in the utility bill throughout the state would generate around 6000 additional jobs on yearly basis. It would also enhance Texas renewable energy capacity by 15%. The state would also achieve around a $ 1billion amount in revenues. The state and the cities will share this increase about 80-20%.
- If Texas continues the same program, there would be a meek development in employment opportunities, economic growth and tax income; but it would not attain the optimal state of affairs.
Support by the Politicians
Some of the state politicians also publicized this report, particularly the ex State spokesman Billy Hamilton. It also becomes the rationale in passing laws in 2011 legislative sessions that would stimulate the renewable energy sector.
They would also face several challenges, such as a state budget debit, the amount of preliminary investment required to jump start such measures and the difference of opinion that amplified energy expenses can affect the fixed income group.
History of Technology Development in Texas
Nevertheless, the state of Texas has a chronicle of using other tax incentives and other financial techniques to develop its technological base. It has espoused the tax policies to promote its natural gas industry. It has also made the policies of Renewable Portfolio Standard to fortify the wind power industry.
Texas undoubtedly encompasses the establishment and could attract the plethora of talent. They can be simply tempted by low taxes, better housing prices and last but not least the eye-catching Hill Country.
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