Governments Look to Green Energy as a Roadmap to Job Creation and Economic Recovery — and Financial Incentives are Available

Governments Look to Green Energy as a Roadmap to Job Creation and Economic Recovery — and Financial Incentives are Available - Governments Look to Green Energy as a Roadmap to Job Creation

By Jesse Rivera, CEO at New Vista Solutions

As the world slowly begins to emerge from pandemic quarantine, federal and state leaders in the U.S. are faced with record unemployment and an economy that is barely breathing. Time is certainly of the essence as they plan and strategize about how to get people back to work quickly and safely while restoring financial stability to state and local budgets.

Many are looking to clean energy technology as a path to immediate job creation and opportunities that will address the need to conserve energy and protect the environment from greenhouse gas emissions. By investing in energy-efficient projects, state and local governments can quickly create jobs, stimulate supply-chain business growth and make energy more affordable for residential and commercial property owners.

Con Edison, one of the nation’s largest investor-owned utility companies serving the New York City area, recently announced a $1.5 billion energy efficiency initiative following the company’s first virtual-only annual meeting. The new initiative, which includes incentives for installing ground and air-source heat pumps, will triple the utility’s investment in energy efficiency programs by 2025.

In a statement to shareholders, Con Edison Chairman and CEO John McAvoy stated, “I believe one of the keys to rebuilding our communities and boosting the economy is maintaining our focus on clean energy.” McAvoy also stated that Con Edison will continue its support of electric vehicle adoption.

Although many companies that manufacture and install clean-energy products were hit hard by the COVID-19 crisis, some furloughed employees are already being called back to work. The oil and gas industry, on the other hand, remains crippled due to low demand. Chevron Corp. recently announced that it’s planning a 10% to 15% reduction in its global workforce this year.

"We clearly see renewable energy coming out as a relative winner from this COVID crisis," analysts from Sanford C. Bernstein & Co. including Deepa Venkateswaran wrote recently in a note to investors. "The COVID crisis will result in an acceleration of decarbonization initiatives."

As governments and the private sector ramp up their green energy projects, there is one driving force that could have a significant impact — green energy incentives. These government and utility-backed financial incentives have been around for a long time, but they’ve only recently been organized into a single, comprehensive database. There are over 12,000 incentives currently available to residential and commercial property owners when they include energy-efficient upgrades in their new construction or remodel projects — and in this post-pandemic economy, utility companies are rapidly expanding their incentive programs to help consumers.

New Vista Solutions (NVS) is doing its part to get this green incentive information into the hands of mortgage lenders and property owners to make sure all green energy projects are maximizing the cost-saving benefits available through green incentives. In fact, NVS has added a preliminary green incentive report, The Quick Summary, to its mortgage settlement services ordering platform to help lenders pass this valuable information on to mortgage customers.

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