Starved Rock State Park in Oglesby, Illinois. Photo by Ryan Heuer on Unsplash.
Illinois’ new five-year economic plan identifies clean energy production and manufacturing as a key growth area, with substantial investment and increased advocacy expected to drive significant expansion in the sector. Additionally, the state will continue to invest in the electric vehicle (EV) industry, as a burgeoning hub for alternative energy.
Although Illinois has long been a leader in this sector (our state was the first in the Midwest to commit to 100% renewable energy by 2050), the blueprint outlines strategic investments and initiatives aimed at bolstering Illinois as a frontrunner in clean energy technologies.
Focusing on sustainable development and technological innovation, the plan is designed to attract investments, stimulate job creation, and enhance the state’s competitive edge in the global market.
Key Highlights of the New Economic Plan for EVs and Clean Energy
- Investments in renewable energy sources: The plan allocates substantial funding towards the development of renewable energy sources, such as solar and wind, which are crucial for clean energy manufacturers.
- Enhanced infrastructure: Upgrades to infrastructure will ensure that businesses have the necessary framework to operate efficiently, with improved access to renewable resources and energy storage solutions.
- Incentives for innovation: Illinois is introducing incentives for companies that invest in clean energy technologies, building on the momentum of programs such as the Climate and Equitable Jobs Act (CEJA) and Reimagining Energy and Vehicles (REV), providing tax credits and grants that encourage innovation and reduce the financial burden on emerging businesses.
Building Out the New Clean Energy Economy Starts Here
The State’s goals for advancing energy are clearer than ever (much like the energy we’re moving toward). Illinois is on a mission to:
- aggressively expand clean energy production to support both business growth and resident needs
- attract clean energy job creators and manufacturers to the state
- execute on all aspects of CEJA, including providing workforce development partners and small businesses in underserved communities the resources they need to be full participants in the clean energy economy
- leverage federal opportunities and partner with energy stakeholders to accelerate deployment of carbon-free electricity and transportation infrastructure
Why Illinois for Clean Energy and EV Companies
Illinois already stands on firm ground in clean energy. Our state:
- is the nation’s 5th-largest electricity producer, and over 67% of its electricity comes from nuclear, wind, and solar generation, often sending about 1/5 of the power it generates to other states over interstate transmission lines
- generates more electricity from nuclear energy than any other state, with 52% of the state’s electricity from nuclear generation
- is home to 5 out of the 10 largest power plants in the country by both generating capacity and annual electricity generation
- rescinded its prohibition on development of new nuclear power in 2023 — proof that Illinois is leading the Midwest in clean power capacity under construction
Plus, Illinois offers several competitive advantages for companies in the EV and clean energy production and manufacturing sectors — ensuring companies here stay on top of their game long into the future.
The plan emphasizes this: “We’re leveraging our natural advantages such as our central location, abundant fresh water, and fertile soil, while building on our hard-won advantages like our massive clean energy production, world class educational and research institutions, and our talented, highly educated workforce.”
- Strategic location: Situated in the heart of the Midwest, Illinois provides pivotal logistical benefits for distribution across North America and the world, making it an ideal base for manufacturing and supply chain operations.
- Robust supply chain: The state’s strong industrial base supports a comprehensive supply chain network, essential for the production and distribution of clean energy technologies.
- Skilled workforce: With numerous educational institutions focusing on engineering and technology, Illinois boasts a highly skilled workforce adept at meeting the demands of the clean energy sector.
- Commitment to sustainability: Illinois’ dedication to sustainability is evident in its policies and initiatives that support environmental stewardship and energy efficiency, aligning with the goals of clean energy companies.
What’s Next for Companies Ready to Grow?
Illinois’ five-year economic plan is accelerating the growth of the clean energy sector. By fostering innovation and providing a supportive business environment, Illinois is empowering companies to build a sustainable future.
Is your business ready to lead in the clean energy revolution? Contact our team today to learn how we can support your success in an ecosystem that values innovation and sustainability.
RELATED POSTS
