Listen to this articleEnergy tax credits and rebates from the Inflation Reduction Act could spark $64 billion in spending across South Carolina, benefiting the state’s economy.
In a forecast report by ICF, a global consutling and technology services company, and commissioned by American Clean Power Association, South Carolina is expected to see an additional $14 billion in income for residents between 2025 and 2035.
In the next decade, the report suggests that the IRA will deliver over 219,300 jobs, or almost 20,000 per year. Of the anticipated jobs, about half will be transportation related, followed by about 69,000 in manufacturing.
The investments motivated from the IRA tax credits in American energy could add $32 billion to the South Carolina economy.
Related: South Carolina receives nearly $6M in federal funding for energy initiatives
Related: Schneider Electric to invest $24M in SC operations, create nearly 300 jobs
“The research shows energy tax credits and rebates could have a substantial impact on incomes, economic growth and clean energy deployment in South Carolina over the next decade,” Marian Van Pelt, ICF senior vice president for climate, energy and transportation, said in the release.
ICF is a global consulting and technology services company which helps organizations solve and strategize challenges, the release said. ACP focuses on over 800 energy storage, wind, utility-scale solar, clean hydrogen and transmission companies to meet U.S. national security, economic and climate goals.
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