Recruit and Sustain New Energy Businesses

The economic payoff from the new energy economy comes with a general shift towards energy efficiency and renewable energy businesses. 

A recent IEI business survey of energy businesses suggests that the state regulatory structure, access to finance and an accessible workforce are the three most important criteria for these businesses’ long-term future. Therefore, developing this new industry cluster requires streamlined permit processes, simple connections to the electricity grid, publicly provided seed money, tax credits and other incentives and, finally, access to local labor through specialized university and community college programs.

The IEI Energy Working Groups made the following recommendations to encourage new energy companies to do business in North Carolina:

Inventory NC’s new energy economy assets: Inventory existing assets in the new energy economy (for example, university R&, existing supply chain elements) and use the inventories to identify energy-related cluster opportunities.

Match research to targeted clusters: Identify areas of excellence within the public university, private college and university, and community college systems and match those identified areas with energy firms or clusters targeted for recruitment, retention and entrepreneurship. Link actions with energy firms or to measures adopted in response to UNC Tomorrow Commission recommendations. 

Use incentives for targeted industry recruitment and retention: Use incentives for targeted recruitment and retention of firms and industries in the new energy economy.

Expand transportation fuel density: Design and implement tax regulatory incentives for the adoption of a wide range of transportation fuels.

Review land use: Adapt land-use regulations to allow for new energy businesses to be located in North Carolina, especially small- and medium-sized renewable energy businesses.

Educate economic developers and workforce development strategies: Educate economic development organizations, their members and workforce development agencies about the business service and workforce needs associated with the new energy economy.

Remove implementation barriers: Remove permitting and other regulatory barriers to energy efficient and renewable energy construction, especially at the local level.