The state’s land­mark law to pro­mote energy effi­ciency and renew­able power sources such as wind and solar is pro­jected to pro­duce a modest eco­nomic ben­efit in coming years, including the cre­ation of about 16,000 jobs, according to new report released Tuesday.

The report by Analysis Group, a Boston eco­nomic and finan­cial con­sulting firm, is believed to be the first detailed look at the eco­nomic impact of the state’s Green Com­mu­ni­ties Act, passed in 2008 with the pri­mary aim of pro­moting renew­able energy and cut­ting green­house gas emis­sions blamed for accel­er­ating cli­mate change.

The study found that the pro­grams put in place by the law, and financed with $2.7 bil­lion in higher elec­tric and nat­ural gas rates, would create enough eco­nomic activity to cover those costs and yield a net ben­efit of $1.2 bil­lion over about 15 years.

The lead author of the report acknowl­edged the pro­jected eco­nomic ben­e­fits are rel­a­tively small in a state with a $400 bil­lion economy and a work­force of about 3.3 mil­lion people. But Paul Hib­bard, vice pres­i­dent at Analysis Group, said the study shows the Green Com­mu­ni­ties Act is not a drag on the state’s economy, as some critics have con­tended, and is even helping it a bit.

Read the article at The Boston Globe →