Amplifying the U.S. Economy: First Solar’s Notable Contribution in 2023
With a commitment to renewable energy, First Solar has been at the forefront of economic prosperity in the United States, delivering impressive results that were showcased in a recent study. Partnering with the University of Louisiana at Lafayette’s Kathleen Babineaux Blanco Public Policy Center, the company detailed its nationwide economic influence in 2023 and offered projections for continued growth through 2026.
The Immediate Impact of First Solar in 2023
In the current year, First Solar’s operations have emerged as a beacon of employment, generating a staggering 16,245 jobs across a plethora of sectors within the U.S. This job creation not only highlights a $1.59 billion boost in labor income but also places First Solar in the position where each direct job it provides echoes into six additional jobs across the country’s economic spectrum. A remarkable multiplication occurs with First Solar’s wages: for every dollar spent, an additional $3.30 circulates in labor income on a national level.
The economic power of First Solar has been felt acutely, with the company’s activities propelling $2.75 billion in economic value and a robust $5.32 billion in overall output throughout 2023. When focusing on the impact of its construction efforts within states like Alabama, Louisiana, and Ohio, the dynamics are equally commendable—supporting 5,765 jobs, facilitating $600 million in labor earnings, and providing more than $900 million in economic value alongside close to $2 billion in output.
The Projected Skyrocketing Influence in 2026
Looking into the near future, First Solar is eyeing a vast expansion. With aims to swell its direct workforce to 4,100 employees, the anticipated trickle-down effect could endorse roughly 30,060 jobs nationwide. This scale-up in employment is paralleled by a forecasted labor income of $2.78 billion, with projected contributions reaching $4.99 billion in economic value and an astounding $10.18 billion in output following an increase in capacity to 14 gigawatts (GW).
First Solar distinguishes itself by maintaining a complete vertical integration in the manufacturing of its thin-film photovoltaic (PV) solar panels. This operational mastery allows for the conversion of glass into a fully functional solar module within four hours, significantly underpinned by materials such as glass and steel sourced from the U.S. itself.
In the words of Mark Widmar, CEO of First Solar, the company’s strides draw strength from the Inflation Reduction Act and aim to invigorate job creation and economic development in several U.S. communities. Their focused report shines a light on the economic magnitude of their operations in tangible figures.
Investments on the Horizon: First Solar’s Expansion Plans
2024 is poised to be a banner year for First Solar with a dual strategy of operational expansion and investment. Their Ohio facility will experience significant growth to exceed 7 GW capacity, and new resources exceeding $2 billion will be channeled into creating fresh manufacturing sites in Alabama and Louisiana scheduled for completion in 2024 and 2026. Furthermore, a substantial $450 million investment is earmarked for R&D infrastructure in Perrysburg, Ohio, bolstering their presence this year.
The outstanding performance and developmental plans of First Solar not only highlight the company’s dedication to green energy but also underscore its role in propelling the economic engine of the United States. As the company strides forward, its influence on job creation and economic vitality is set to expand even further, solidifying its position as a pivotal player in both the energy and economic sectors.
