NREL's Economic Impact Tops $1 Billion Nationwide, Study Shows

GOLDEN, CO – The Golden-based U.S. Department of Energy’s National Renewable Energy Laboratory (NREL) adds up to economic prosperity for the region and across the U.S., according to a new study by the University of Colorado Boulder's Leeds School of Business.

NREL's economic impact in Colorado was quantified at nearly $748 million, the study said, while the nationwide impact of NREL's work amounted to more than $1.1 billion nationwide.

“NREL’s work in Colorado has far-reaching impact and benefits the country through our award-winning research and advanced energy solutions,” said Martin Keller, NREL director and president of the Alliance for Sustainable Energy, LLC. The report was funded by the Alliance, which manages and operates NREL for DOE.

According to a press release, the study, conducted by Richard Wobbekind and Brian Lewandowski of the Business Research Division at the Leeds School of Business, found that during FY 2017:

• NREL employed 1,745 full-time and part-time employees
• Approximately 60 percent of employees were involved in core research and development
• More than 95 percent of NREL employees hold at least a bachelor's degree, and nearly 64 percent have advanced degrees, with 31.7 percent holding doctoral degrees and 31.9 percent holding master’s degrees
• NREL employees contributed $478,052 to local nonprofits while logging 1,529 volunteer hours
• The laboratory welcomed more than 28,000 visitors to its campus and Education Center, and connected with more than 43,000 people through community outreach events.

Most of the laboratory’s employees live in Jefferson County, which saw a $413 million economic impact in 2017, a press release said. The Golden-based research laboratory is a top 10 employer in Jefferson County.

“NREL positions Jefferson County and metro Denver as a leader in the energy industry,” said Kristi Pollard, president and chief executive officer of the Jefferson County Economic Development Corporation in a press release. “The lab’s highly skilled workforce, innovative facilities, and business partnerships are key to the region’s economic vitality.”

Read the report here.

• Related:$5M Fine For Fake Solar Companies That Defrauded NREL: Feds
• Related: NREL Technology 'Upcycles' Plastics With Cleaner Process
• Related: Golden's NREL Federal Grant: $7 Million For Solar Energy Research
• Related: Mutant Enzyme Eats Plastic: NREL Discovery In Golden