Dive Summary:
- Economic Impact of Recovery Act Investments in the Smart Grid, a new report from the U.S. Department of Energy, has found that its $2.9 billion spent on Smart Grid Investment Grants and Smart Grid Demonstration Projects yielded $6.8 billion in total economic output.
- The report also estimated 47,000 full-time equivalent jobs were funded by the investment while every $1 million in spending was matched by a $2.5-$2.6 million rise in GDP.
From the article:
"Judging from a DOE analysis of smart grid projects, spending on Smart Grid Investment Grants and Smart Grid Demonstration Programs is more than paying off. As of March 2012, the $2.9 billion spent on projects has yielded a total economic output of $6.8 billion.
Also, the analysis indicated that high tech, industrial and service businesses usually involved in smart grid projects record higher than average labor income and boost job numbers in the economy through 'indirect and induced mechanisms.' ..."