State profiles of energy efficiency opportunities in the south
Economic and Financial Impacts
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| Economic and Financial Impacts
The nine energy efficiency policies evaluated in Energy Efficiency in the South would reduce energy costs for Tennessee consumers and would generate jobs in the State (Table 1). Residential, commercial and industrial consumers could benefit from total energy savings of $1.6 billion in 2020 ($1.1 billion of which is specific to electricity), and $3.1 billion in total energy savings in 2030. In comparison, the State spent $7.5 billion on electricity in 2007.13 Using an input-output calculation method from ACEEE – with state-specific impact coefficients and accounting for declines in employment in the electricity and natural gas sectors – we estimated that Tennessee would experience a net gain of 15,600 jobs in 2020, growing to 21,500 in 2030. In comparison, there were over 320,000 unemployed residents of Tennessee at the end of 2009.14 As is true for the South at large, the policies would also lead to an increase in Tennessee's economic activity. Specifically, its Gross State Product would increase by an estimated $229 million in 2020 and by $479 million in 2030. This change is a small fraction of Tennessee’s $209 billion economy.15
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