Oregon’s energy tax credit programs yielded more than $616 million in economic investments and wages and generated 1,706 jobs in the last two years, according to a study released Tuesday by the state Department of Energy.
The study, conducted by Portland-based research firm ECONorthwest, said the state’s Business Energy Tax Credit and Residential Energy Tax Credit programs generated a three-to-one return on the state’s investment and helped save Oregonians nearly $300 million in energy costs.
The tax credit programs also:
- Provided $22.4 million in net tax revenue for state and local governments.
- Helped reduce carbon dioxide emissions by nearly 2.4 million tons.
- Helped increase Oregon’s economic output by $575.7 million.
- Increased wages in the state by $41.1 million.
The study covered all of 2007 and the first 10 months of 2008 and examined the impacts of the tax credits to the state as well as spending by business owners and residents.
ECONorthwest said the results reflect benefits “over and above” what might have been achieved had the programs not existed and tax credits were allocated elsewhere.
The state offers residential energy tax credits that are applicable toward the purchase of high-efficiency appliances, heating systems and other qualifying services. Businesses can receive tax credits for 35 percent of the costs of conservation projects and 50 percent of the cost of renewable energy projects.
The study released Tuesday is the state’s annual assessment of the program. In 2006, the programs created 1,200 jobs, $18.6 million in wages and contributed more than $140 million to the state’s economy, according to a previous study, the state said.
Portland Business Journal – http://portland.bizjournals.com/portland/stories/2009/02/02/daily23.html