How important is Texas’ energy role in the state’s economy?

Texas is a very important player when it comes to the increasingly crucial role of energy. Texas’s role in energy ties in with the American security and the economy. With its rich petroleum deposits and history of oil, the state often dictates policy for the rest of the country.

Texas is the nation’s leader in wind energy, and it has the strictest renewable energy mandate in the country. Now the wind capital of the U.S., Texas’s new law would make the state the leader in solar power as well.

Texas is the number two state when it comes to clean energy jobs, number one, of course, is California. Although Texas does not have a program at this time that provides funding of renewable energy equipment on an individual basis, there are tax exemptions available in certain instances. For example businesses that either use or manufacture or install solar or wind energy can receive franchise tax deductions and/or exemptions. There also exists a property tax exemption involving solar, wind, and biomass.

Even though Texas refines the most oil and produces much more natural gas than any other state, it boasts the second largest number of alternative fuel vehicles on the road. According to a study by the Pew Charitable Trusts, there were 55,646 workers employed in the clean energy industry in Texas. The study also found that venture capitalists had a favorable outlook on prospects for making money in the Texas energy sector. The state ranked third in dollars invested in clean energy applications.
 
Texas governor, Rick Perry, recently pointed out some of the successes he's overseen with regard to the state's energy policy. He notes that electric utilities in Texas were charged with reducing their minimum demand levels. They were able to reduce their demand below the desired goals. I say, Texas politics is pushing Texas energy policy in the right direction.