Our Expertise
Economic Impact Analysis
An important aspect of any new energy project is the impact that the project will bring to the local economy. Local officials typically want to know how many jobs will be created and how much tax revenue will come to the taxing districts. Many developers report the number of construction workers and direct long-term hiring, but this severely underestimates the true economic impact of the project. Energy projects create additional economic activity by increasing the demand for local supply chain components resulting in additional jobs and by increasing the local tax base which can lead to additional government employees.
Methodology
Strategic Economic Research’s economic impact analyses use IMPLAN software and data. IMPLAN is the leading provider of economic impact data and analytical applications. In addition, the analysis uses the National Renewable Energy Laboratory’s (NREL’s) latest Jobs and Economic Development Impacts (JEDI) model for utility-scale wind and solar projects. The JEDI model is used to translate the project expenses as the developer recognizes them into economic sectors used by the IMPLAN software.
Strategic Economic Research takes the latest county and state multiplier data and creates a custom model within JEDI to produce the most accurate analysis available on the market. SER also works with the project manager to ensure that the assumptions and inputs are as accurate as possible. After a thorough review of project costs, the inputs are run through the model. This ensures that the results are not based on outdated multipliers or incorrect inputs. Our process is quality checked multiple times at each checkpoint to produce the most reliable data.
Our reports
For each economic impact analysis produced, typically a full-color 30-45 page economic impact report will be delivered in PDF for each project. This report will explain the methodology, inputs, assumptions, and results, as well as a comprehensive explanation of the growth of the wind or solar industry at both the national and state level.
SER streamlines the process of producing economic impact reports, making it as efficient as possible for the project developer and providing a comprehensive and highly accurate analysis. Our distinctiveness is our combination of our President Dr. Loomis’ unique credentials and our broad experience in conducting reports for wind, solar and transmission projects. SER can provide a highly qualified expert to provide testimony and explain the results with a high amount of precision in a thorough and cleanly formatted final report.
Strategic Economic Research, LLC (SER) has produced over 140 economic impact reports for renewable energy projects across 28 states in the US.
Expert Testimony
Dr. Loomis has testified before the Illinois Commerce Commission, Iowa Utilities Board, Missouri Public Service Commission, Illinois Senate Energy and Environment Committee, the Wisconsin Public Service Commission, Kentucky Public Service Commission, Ohio Public Siting Board, and numerous county boards.
Through his experience as an economics professor, Dr. Loomis has perfected the ability to communicate complex economic concepts to the general public and decisionmakers with no economics or renewable energy knowledge. As Co-Founder of the Center for Renewable Energy and the renewable energy academic program, Dr. Loomis’ knowledge of renewable energy technologies and costs provides insights that other economists would miss.