A new study by IdeaSmiths found that solar and wind energy reduced wholesale energy costs in Texas by $7.4 billion in the first eight months of 2022, creating average monthly savings of $925 million.
With gas and coal prices at 10-year highs, Texas residences and businesses are on track to save an estimated $11 billion this year thanks to wind and solar. The study estimates solar and wind have saved Texas residents nearly $28 billion over the past 12 years.
If trends continue, consumers stand to see even more savings. Solar and wind are on the rise in Texas and extended tax credits for wind and solar are likely to spur continued growth. According to Renewables on the Rise, 27% of Texas’s electricity sales in 2021 came from renewables. The Lone Star State ranks first in the country for wind energy and second for solar.
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