Download the EERE Investment Snapshot to learn more about EERE’s contributions to modern energy solutions and innovative technologies.
The Office of Energy Efficiency and Renewable Energy (EERE) has been driving groundbreaking advances in energy innovation for over four decades. The data and case studies in the 2024 EERE Investment Snapshot describe EERE’s recent successes in delivering the benefits of energy innovations to communities, companies, and industries across the country.
EERE has used targeted investments in applied research and development (R&D), demonstration and deployment expertise, in-kind technical assistance, and its unique convening power to drive energy innovation in select industries and technologies. While each field in EERE’s portfolio has seen remarkable progress, the report focuses on EERE’s impact and outcomes as a whole—demonstrating how continued investment in EERE can continue to benefit the United States.
The Benefits of Energy Innovation
The benefits of investment in cleaner, more efficient, and more reliable energy technologies are vast. Energy innovations power our grid with low-carbon renewable energy, create sustainable transportation systems, reduce energy consumption and greenhouse gas emissions from our buildings and industries, and drive growth and improvement in domestic manufacturing and supply chains.
Creating Jobs
Energy innovations are catalyzing economic growth and creating millions of jobs. As of 2022, around 3.1 million Americans work in renewable energy jobs. These jobs are being added in large and well-established sectors (such as energy efficiency, which added over 50,000 jobs to employ over 2.2 million workers in 2022) and in fast-growing sectors (such as battery electric vehicles, which saw 27% job growth year-on-year).
Accelerating Investment and Economic Growth
The global market for renewable energy, emissions-reducing, and energy-efficient technologies and industrial processes will be worth at least $23 trillion by 2030. Investment in the manufacturing and deployment of a range of energy innovations—many of which were seeded or supported by federal funding—has skyrocketed from $78 billion in 2018 to over $240 billion in 2023.
Rebuilding U.S. Industry and Competitiveness
Federal investment in renewable energy technologies has paved the way for a resurgence in domestic manufacturing and raised America‘s standing in the global energy race. As demand for new energy technologies increases, American manufacturers are finding new ways to become more competitive on costs, quality, and expertise. Further investment in expanding the domestic renewable energy and energy efficiency workforce, bolstering domestic supply chains, and facilitating technical innovation will help position the U.S. as a leader in the rapidly expanding global market for renewable energy and decarbonization technologies.
Lowering Energy Costs for Households and Businesses
Energy consumption in the United States would be around 60% higher today without the energy efficiency technologies and improvements adopted since 1980. This corresponds to an estimated saving of approximately 60 quadrillion British thermal units of energy per year, equivalent to around $800 billion in energy costs using today's prices.
Creating Healthier Communities
Each year, an estimated 300,000 Americans die from the effects of air pollution produced by burning fossil fuels. Reducing the use of fossil fuels, and using more renewable energy, will improve health outcomes and save Americans up to $77 billion per year in total health impacts.
Protecting Our Communities from Climate-Related Disasters
The sooner the United States shifts to a low-carbon energy system, the faster we can moderate the risks to our communities and damage to property from the effects of weather-related disasters. The low-emissions, energy-efficient technology innovations that can help mitigate further climate change can also help communities adapt and be more resilient to the effects of extreme weather.
Building an Independent Energy System that Is Reliable, Resilient, and Secure
Energy innovations will help meet growing electricity demands and will guard our grid, supply chains, and other critical infrastructure against the threats posed by volatile markets, cyber-attacks, terrorism, and instability abroad.