Economic Impact
Powering the Economy in Maryland: $621 Million in Economic Impact
A comprehensive study performed by the Business Economic and Community Outreach Network (BEACON) at Salisbury University, titled “Economic Impact of the Maryland Clean Energy Center,” revealed that MCEC has established itself as a vital component of the state’s economic infrastructure. By evaluating operations and initiatives through 2025, the report demonstrates that clean energy investment is an important component of the fiscal and environmental health in Maryland.
Impact at a Glance
Since 2009, the Maryland Clean Energy Center (MCEC) has driven the economic growth and clean energy future in Maryland:
- $621.5 Million in total statewide economic output
- 3,000 Jobs supported across the state
- $236 Million in labor income generated
- $82.2 Million in state and local tax revenue contributed
For every $1 MCEC receives, $21 is returned to the state’s economy.
Exceptional Return on Investment
MCEC’s “Green Bank” model utilizes public funding to leverage significant private investment and economic activity. With $28.7 million in total public funding received over the study period, MCEC achieved:
- MDPACE: Facilitated $230.2 million in economic output and supported over 1,100 jobs through innovative commercial financing.
- MEIA (Maryland Energy Innovation Accelerator): Catalyzed $145.4 million in output by advancing clean energy start-ups.
- MCAP: Contributed $70.1 million in output through essential financing for energy-related capital projects.
- MDHELP: Facilitated $59.5 million in output, focusing on technical assistance and residential energy efficiency.
- PTAS: Generated nearly $40 million in statewide economic output for energy-related projects.
- CEA: Generated $6.4 million in output toward residential energy projects.
Access the Full Report
Ready to dive deeper into the data? Download the complete 26-page economic impact study to see how MCEC has achieved significant returns and helped grow the Maryland economy.