Economic Impact
Powering Growth in Maryland
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 2026, 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:
- $824.5 Million in total statewide economic output
- 3,729 Jobs supported across the state
- $299 Million in labor income generated
- $107 Million in state and local tax revenue contributed
For every $1 MCEC receives, $17.91 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 $46 million in total public funding received over the study period, MCEC achieved:
- C3 Fund: Created $5.1 million in output through catalytic investment in GHG-reducing projects.
- CEA: Generated $7.6 million in output toward residential energy projects.
- MCAP: Contributed $125.8 million in output through essential financing for energy-related capital projects.
- MDPACE: Facilitated $306.1 million in economic output and supported over 1,400 jobs through innovative commercial financing.
- MDHELP: Generated $63.4 million in output, focusing on technical assistance and residential energy efficiency.
- MEIA: Catalyzed $225.9 million in output by advancing clean energy start-ups.
- PTAS: Created $41.4 million in statewide economic output for energy-related projects.
- SRF: Generated $4.5 million in output through supporting renewable energy projects at affordable housing properties