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Energy Facts: Impact of the Investing in America Agenda on South Carolina

Energy Facts: Impact of the Investing in America Agenda on South Carolina
Energy Facts: Impact of the Investing in America Agenda on South Carolina

Energy Jobs 

  • In 2021, there were already 136,442 South Carolina workers employed in the energy sector.  
  • In the Columbia area, 36% of the electric power generation workforce was in wind, solar, and hydroelectric, and over 4,500 workers were employed in energy efficiency.  
  • The Inflation Reduction Act will expand these opportunities, bringing an estimated $15 billion of investment in large-scale clean power generation and storage to South Carolina between now and 2030.

Small Businesses 

  • South Carolina is home to 463,000 small businesses, representing 99.4% of all businesses and employing 43% of all workers in the state, and the Inflation Reduction Act will help them save money. Commercial building owners can receive a tax credit up to $5 per square foot to support energy efficiency improvements that deliver lower utility bills. Other programs that will benefit small businesses include tax credits covering 30% of the costs of installing low-cost solar power and of purchasing clean trucks and vans for commercial fleets. 

Clean Energy Investments 

  • Columbia, SC has an ambitious goal to reach 100% clean and renewable energy by 2036.  
  • Currently, South Carolina has over 1.5 GW of solar, wind, and storage capacity.  
  • There is over 1.3 GW of additional planned clean energy capacity in the works, which will nearly double the amount of clean energy available on the state’s grid and power more than 220,000 homes.   
  • IRA tax credits that encourage investment in wind and solar will help reduce energy costs, as the costs of solar and wind power are projected to drop by 25% and 34%, respectively, over the next 30 years in Columbia, South Carolina. 
  • Since the start of the Biden Administration, we have tracked more than $100 billion in new battery supply chain investments, including $10.5 billion in South Carolina, at 15 facilities which will collectively bring over 8,900 jobs to the state.  
  • In the same period, we have tracked more than $5 billion in new solar manufacturing investments, including $100 million in South Carolina, with an expected 650 new jobs.  

Clean Transportation 

  • South Carolina currently has over 1,000 public EV charging ports. The state will also receive almost $15 million in federal funding to help build out more EV charging stations. 
  • In 2022, South Carolina had 18,100 registered electric vehicles, a 143% increase from the 7,440 EVs in 2021. 
  • Drivers switching to an electric pickup truck could save over $1700 per year in fueling and maintenance costs compared to a gasoline-powered truck. Drivers of smaller electric cars could save over $1200 per year. The Inflation Reduction Act will make it easier and cheaper for many to purchase an electric vehicle, with upfront discounts up to $7,500 for new EVs and $4,000 for used EVs, helping many Americans skip the gas pump and save on fuel costs.  

Originally published at https://www.energy.gov/articles/energy-facts-impact-investing-america-agenda-south-carolina