You probably haven't heard of Coke County, Texas. It is one of the smallest counties in the United States, with just 3,300 residents.
According to an analysis from the Bureau of Economic Analysis, the biggest economic boom of any county occurred from 2019 to 2021. Coke County's gross domestic product GDP rose by 83% in the past two years, from $128 million to $235 million.
The growth is due to a surge in wind farm construction. Landowners in Coke County are paying annual royalties of up to $10,000 while creating jobs and lowering energy costs. The county's GDP per capita has gone from $39,000 a year to $71,000 because of these twin economic benefits. The explosion in wealth has caused a county judge to describe the locals as pink about this. It is not just Coke County. There have been major wind farm construction in the 10 American counties with the biggest spike in GDP from 2019 to 2021, seven of which have seen major wind farm construction in the time frame.
Coke County must decide how to spend the annual payments of $787,000 it receives from the Aviator Wind Farm over the next decade. An official says the money will be spent on roads, bridges, senior centers, and other projects that benefit the public.
This boom, which is already transforming dozens of U.S. counties economically, started well before President Joe Biden signed the $369 billion clean energy stimulus package in August. The law is lavishing tens of billions of dollars on wind and solar energy projects through tax credits or direct spending.
The law extends a tax credit for solar power production facilities, provided they begin construction before January 2025. This will encourage a wave of new solar power manufacturing facilities throughout America - especially when paired with the $8 billion that the federal government is spending to help households install solar panels.
Between these tax credits, $8 billion in direct spending and Biden's order to decarbonize hundreds of thousands of buildings owned by the federal government, it is clear that millions of buildings in America will be installing solar panels in the next few years.
The startup YouSolar is a company that is pioneering an advanced solar nanogrid that allows customers to go solar with minimal inconvenience or disruption. The fully integrated power grid will allow households to retain power even when there is a blackout of the conventional power grid.
YouSolar serves high-income households in Northern California. As incentives for solar power generation change households, businesses, and government agencies around the country, it could be a big change.
You can see more on Benzinga's investment.