The Economic Benefits of Renewable Energy in Texas

Wind and solar energy saved Texans over $11 billion in 2022, marking a nearly 300% increase from previous years and bringing the total energy savings to $31.5 billion since 2010. The report projects that expanding wind and solar capacity could save Texans between $6.1 billion and $15.2 billion per year. The savings are due to the fact that wind and solar energy induce high-priced power plants to shut down, reducing electricity pricing by over $0.02/kWh in 2022. The analysis also calculated discrete savings in other areas, including SO2, NOx, CO2, and water.