the comprehensive economic development impacts of the

TheComprehensiveEconomicDevelopmentImpactsoftheRooftopSolarPowerIndustryontheStateofFlorida

--

TheComprehensiveEconomicDevelopmentImpacts

oftheRooftopSolarPowerIndustryontheStateofFlorida

Submittedto:

2655 LeJeune Road, Suite 541, Coral Gables, FL 33134 T: 305-461-3811 – F: 305-461-3822 | E: [email protected] | W: www.weg.com

November2021


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TableofContents

I. ExecutiveSummary...............................................................................................................................1

II. Supercharged:HowtheSunshineState’sRooftopSolarPowerIndustrySupportsFlorida’sEconomicDevelopment.............................................................................3

III. TheAnnuallyRecurringEconomicImpactsoftheRooftopSolarPowerIndustry’sOngoingOperationsContributeSignificantlytotheEconomicWell-BeingofFlorida.....................................................................................................................................10A. TheRooftopSolarPowerIndustryisanImportantContributortoOverall

EconomicGrowthandtheWell-BeingofFloridaResidents.....................................11B. AnEstimated40,462JobsareSupportedThroughoutFloridabytheOngoing

OperationsoftheRooftopSolarPowerIndustry..........................................................12C. TheRooftopSolarPowerIndustryOngoingOperationsContribute

SubstantiallytotheStandardofLivingofFloridaResidents..................................13D. GrossDomesticProductImpacts:TheRooftopSolarPowerIndustry’sOngoing

OperationsareImportanttotheOverallEconomicActivityinFlorida...............15E. TheTotalEconomicImpactGeneratedbytheFloridaRooftopSolarPower

IndustryisaSignificant$18Billion...................................................................................16F. TheFloridaRooftopSolarPowerIndustryGeneratesImportantContributions

toPublicRevenuesEachYear..............................................................................................18

AppendixI: Methodology...........................................................................................................................19

AppendixII: EconomicGlossary..............................................................................................................22

AppendixIII: DetailedEconomicImpactTables..............................................................................24

AppendixIV: TheWashingtonEconomicsGroup,Inc.ProjectTeamandQualifications............................................................................................................30


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ListofTablesandFiguresTablesTableES-1. SummaryoftheAnnualEconomicImpactsGeneratedinFloridabythe

OngoingOperationsoftheRooftopSolarPowerIndustry..........................................2

Table1. SummaryoftheAnnualEconomicImpactsGeneratedinFloridabytheOngoingOperationsoftheRooftopSolarPowerIndustry........................................11

Table2. TotalJobsSupportedinFloridabytheOngoingOperationsoftheRooftopSolarPowerIndustry.................................................................................................................12

Table3. HouseholdIncomeGeneratedinFloridabytheOngoingOperationsoftheRooftopSolarPowerIndustry...............................................................................................14

Table4. GDP(Value-Added)ImpactsGeneratedinFloridabytheOngoingOperationsoftheRooftopSolarPowerIndustry..................................................................................15

Table5. TotalEconomicImpactGeneratedinFloridabytheOngoingOperationsoftheRooftopSolarPowerIndustry...............................................................................................17

Table6. FiscalContributionsArisingfromtheOngoingOperationsoftheRooftopSolarPowerIndustryinFlorida........................................................................................................18

Figures

Figure1. TheSwansonEffect.......................................................................................................................4

Figure2. FloridaAnnualSolarInstallations..........................................................................................5

Figure3. TotalJobsSupportedinFloridabytheOngoingOperationsoftheRooftopSolarPowerIndustry.................................................................................................................13

Figure4. HouseholdIncomeGeneratedinFloridabytheOngoingOperationsoftheRooftopSolarPowerIndustry................................................................................................14

Figure5. GDP(Value-Added)ImpactsGeneratedinFloridabytheOngoingOperationsoftheRooftopSolarPowerIndustry...................................................................................16

Figure6. TotalEconomicImpactGeneratedinFloridabytheOngoingOperationsoftheRooftopSolarPowerIndustry................................................................................................17


TheWashingtonEconomicsGroup,Inc.(WEG) Page|1

I. ExecutiveSummary

n TheRooftopSolarPowerIndustryinFloridaisacatalystfortheState’ssustainableeconomicdevelopment,accordingtoTheWashingtonEconomicsGroup,Inc.(WEG)Comprehensive Economic Development Impact Study. WEG was retained byConservatives for Clean Energy to analyze the economic development impacts of theIndustryontheStateofFlorida’seconomy.

n TheQualitativeSection that follows thisExecutiveSummarydivesdeep into themultifacetedandgrowingqualitativebenefitsof theRooftopSolarPowerIndustryactivities as a whole. These additional positive impacts, so-called “externalitybenefits,”gowell-beyondthequantificationofeconomicimpactsonJobssupported,Household Income, GrossDomestic Product (GDP) and other economic indicatorsthatarepresentedinthisStudy.

n The multifaceted “externality benefits” of the Rooftop Solar Power Industry arevisualizedintheMatrixbelow.

n In addition to the above externality benefits, the Florida Rooftop Solar Power

Industry’sgrowingoperationsgeneratesignificantquantifiableeconomicimpactsthroughout Florida. The quantifiable economic impacts generate high-wage



employmentforFloridaresidentsandimportantcontributionstoHouseholdIncomeeach year, among other economic impacts. Section III of the Study analyzes theseeconomicimpactsingreaterdetailandaresummarizedinTableES-1below.

TableES-1.SummaryoftheAnnualEconomicImpactsGeneratedinFloridabytheOngoing

OperationsoftheRooftopSolarPowerIndustry(byImpactType)

Impacton: Direct Indirect Induced TotalImpact

Employment(Jobs)∗ 8,907 15,774 15,781 40,462

HouseholdIncome($Million) $1,331 $1,114 $735 $3,179

GDP(ValueAdded-$Million) $6,488 $2,746 $1,375 $10,609

Federal,State&LocalTaxRevenues($Million) --- --- --- $3,257

TotalEconomicImpact($Million) $10,730 $5,166 $2,426 $18,322

Note:Totalmaynotequalthesumofallduetorounding.Source:TheWashingtonEconomicsGroup,Inc.(WEG)

n ThelargeannuallyrecurringeconomicimpactsmaketheFloridaRooftopSolarPower

IndustryatopcontributortotheStateeconomicactivityandamajorsourceofjobopportunitiesstatewide:

o $18.3billioninTotalEconomicImpact

o 40,462Employment(Jobs)supported

o $3.2billioninHouseholdIncometoFloridaworkers

o $10.6billionincontributiontoGrossDomesticProduct

o $3.3billioninFederal,StateandLocalTaxRevenues

n ItiscriticaltohighlightthatthosejobsandindustriespositivelyimpactedbytheRooftop SolarPower Industry are concentrated in theKnowledge-BasedServices sectors such as High-Tech Manufacturing, Professional BusinessServices, InformationTechnology (IT) andothers. These are higherwage jobsrelativetotheStateaverage,andsupportiveofFlorida’sStrategicPlanforEconomicDevelopment.

∗Thedirectemploymentfigureswithintheeconomicimpacttablesdonotnecessarilyequalthetotalfull-timeequivalent(FTEs).ThisisduetotheIMPLANinput/output(I/O)methodology,whichmeasuresreal(inflation-adjusted)economy-wideimpactsbasedonaveragewagesoftheindustryandproductivitywithinthegivenstudyarea.



II. Supercharged: How the Sunshine State’s Rooftop Solar PowerIndustrySupportsFlorida’sEconomicDevelopment

TheRooftopSolar Industry inFlorida is an important catalyst for theState’s sustainableeconomic development. This qualitative assessment section of this Study by TheWashingtonEconomicsGroup,Inc.(WEG)highlightstheeconomicdevelopmentbenefitsoftheRooftopSolarPowerIndustryinFlorida.WEGwasretainedbyConservativesforCleanEnergytoanalyzeboththequantitativeandqualitativeeconomicimpactsoftheIndustryontheStateofFlorida’seconomy.WhilethefollowingSectionIIIwillpresentthequantifiableeconomicimpactsoftheRooftopSolarPowerIndustryintheState,thissectiondivesdeepinto the multifaceted and growing qualitative benefits of the Rooftop Solar Industry’sactivitiesasawhole.Theseadditionalpositiveimpacts,socalled“externalitybenefits,”gowellbeyondwhatcanbequantified,andtheyaddressthegrowingsignificanceoftheRooftopSolarIndustry’simpactonimprovingthestandardoflivingofallresidentsthroughcleanandreliableenergyforsustainableeconomicgrowth.

As Florida continues to grow and diversify its economy, it is imperative that the Stateembrace andadopt renewable energy sources tomeetburgeoningdemand.TheRooftopSolar Industry in Florida delivers on this need and supports high-wage, high-skilledemploymentindoingso.Asaninnovativeleaderinrenewableenergydelivery,RooftopSolarPoweriscriticalforsustainableeconomicgrowthasFloridiansmoveintothethirddecadeof the 21st Century. Furthermore, the Rooftop Solar Power Industry in Florida plays afoundationalroleinadvancingtheexistingFloridaStrategicPlanforEconomicDevelopment.By aligning with the existing efforts and interests of stakeholders, policymakers andcommunity leaders inFlorida, theeconomic impactsof theRooftopSolarPowerIndustryripplesbeyondwhatcanbequantifiedutilizing theprofessionallyaccepted Input/Output(I/O)Methodology.

Whiletechnicallyhumanshaveharnessedtheenergyandpowerofthesunformillennia,thefirstphotovoltaic(PV)cellwasinventedin1954.In1973,theUniversityofDelawarewasresponsibleforcreatingthefirst“solarresidence”providingenergytoabuildingoncampuscalledSolarOnewithsupportfromDelmarvaPowerandLightCo.Sincethattime, thepriceofphotovoltaiccellshasplummetedwiththephenomenabeingdubbed “Swanson’s effect.” This effectmeans that costs of PV cells go down roughly 75percentevery10years,andtheevidenceisillustratedinFigure1onthenextpage.



Florida,theSunshineState,hasagoodopportunityforcontinuedRooftopSolardevelopmentandgrowth.Alreadyamushroomingindustry,theFloridaRooftopSolarPowerIndustryisrobustandgrowing.AccordingtotheSolarEnergyIndustriesAssociation(SEIA),Floridaisranked4thforSolarEnergy(droppingslightlyfromthe3rdspotin2020).HerearesomeotherkeyfactsfortheStatefromSEIA:

v NationalRanking:4th(3rdin2020)

v StateHomesPoweredbySolar:780,5861

v PercentageofState’sElectricityfromSolar:3.03%

v SolarBusinessesinFlorida:414(66Manufacturers,209Installers/Developersand139Others)

v GrowthProjection:12,042MWoverthenext5Years(ranks3rdmostamongallUSStates)

1Datacomesfromtheutilityscalesolarfarmsandrooftopsystems.

Figure1.

TheSwansonEffectPriceofcrystallinesiliconphotovoltaiccells

Source:Bloomberg,NewEnergyFinanceandpv.energytrend.com



Florida’s80,997totalsolarinstallationshassupported8,907jobs.WhiletheRooftopSolarPowerIndustryisafractionoftheoverallSolareconomyinFlorida,itisgrowingandwillbeanimportantfuturecontributorforsustainedeconomicgrowth.(SeeFigure2below).

Fromaneconomicdevelopmentperspective,thegrowingRooftopSolarPowerIndustryofFlorida is significant because it supports high-wage, high-skilled employment. Solarmanufacturers, installers, wholesalers/traders, and technicians pay higher-than-averagewages.AsFloridaseekstodiversifyawayfromanoverconcentrationinthehospitalityandtourismindustry,theRooftopSolarPowerIndustryisagoodplacetofocustheState’sefforts.Already,policymakersandcommunityleadershavetakennoticeandmadetheRooftopSolarPowerIndustryapriorityforfutureeconomicdevelopment.From2018to2019,therewasa17.8percentincreaseinjobcreationfromthesolarindustryinFlorida2.WithgrowthinthehigherwagehigherskilledlaborpooloftheState,Floridaresidentsultimatelybenefitbyimprovingthestandardoflivingandqualityoflife.

“Removingrestrictionsonleasedsolarsystemshasencouragedsmall-scalesolargrowthinFlorida.In2020,small-scalesolarcapacityinFloridagrew57percent,increasingfrom492MWin2019to773MW.3”

Source:U.S.EnergyInformationAdministration(EIA),

2TheSolarFoundation,StateSolarJobsCensus:https://www.thesolarfoundation.org/solar-jobs-census/states/3https://www.eia.gov/todayinenergy/detail.php?id=46996

Source:SolarEnergyIndustriesAssociation(SEIA).

Figure2.FloridaAnnualSolarInstallations



Onesuchanecdotalexampleofhowthe Rooftop Solar Power Industryhas a positive impact on Florida’seconomycanbeseeninthestoryofSteveRutherford.Steveisaservice-disabled veteran who served 22years in the Navy SEALs. Afterserving in Iraq to bring freedomabroad,StevecamehometoFloridaand started a company to help hisneighbors achieve energy freedom.For the past 9 years, Steve’s

company,TampaBaySolar,hasemployed30peopleacrossCentralFlorida,athirdofwhomareveterans.TampaBaySolarisjustoneexampleofmanyacrosstheSunshineState.WhileFloridahasdonewellrecentlyingrowingitsRooftopSolarPowerIndustryfootprint(suchaswithSteve’scompanyTampaBaySolar),theStatehasopportunitiesforgrowthmovingforward.

According to the National Renewable Energy Laboratory (NREL), researchers foreseeFlorida’ssolarpowerisprojectedtomeetupto30percentofFlorida’stotalelectricityneedsoverthenext10years,dependingonthepricesofotherelectricitysources,suchasnaturalgas andothermarket conditions. ElaineHale, the lead author of the Study, said that thepercentagecouldgoevenhigher,dependingonhowandwhetherfutureStatepolicymakerscalculatetheclimatecostsoffossil-fueledenergy4.

UponAnalyzingtheRooftopSolarPowerIndustryinFlorida,itisimportanttoseehowwelltheindustryalignsitseffortswithexistingeconomicdevelopmenteffortsbypolicymakersandcommunityleaders.AccordingtotheFloridaFoundation’sSixPillars,theRooftopSolarPowerIndustrydirectlysupportsmostoftheimportanteconomicdevelopmentstrategiesoftheState.Theseinclude:

• InnovationandEconomicDevelopment• InfrastructureandGrowthLeadership• BusinessClimateandCompetitiveness• QualityofLifeandQualityPlaces

4From2018https://www.osti.gov/biblio/1457670



Theoperationalandgrowth-orientedactivitiesofFlorida’sRooftopSolarPowerIndustryareindirectalignmentwithFlorida’sStrategicPlanforEconomicDevelopment.BysupportingFlorida’s economic pillars, the Rooftop Solar Power Industry creates a synergistic effectwhereeconomicdevelopmentoutcomesareaffectedmoreprofoundlythantheywouldbehadtherenotbeensupportiveindustriessuchasRooftopSolarPower.

AccordingtoEnterpriseFlorida,theState’sEconomicDevelopmentOrganization,Cleantechis one of Florida’s most important and major industries. Rooftop Solar contributessignificantlytoarobustandtargetedCleantechIndustryintheState.

“Floridiansunderstandtheundeniablelinkbetweensustainabilityandtheeconomyandareharnessinginnovationandthestate’sstrongentrepreneurialspirittobuildoneofthenation’sleadingcleantechnologyhubs.Andwhetheryourfocusisoceanenergyorgreen architecture, you’ll find an established industry presence across the cleantechspectruminFlorida.5”

TheRooftopSolarPower’sbusinessesareincludedintheover11,750CleantechcompaniesestablishedintheSunshineState.AccordingtotheCleantechIndustryProfile,SolarPowerisanareaofexcellencefortheStateandisusedinmarketingmaterialstoattractandretain5https://www.enterpriseflorida.com/industries/cleantech/

Sources:FloridaChamberFoundationandEnterpriseFlorida,Inc.



businessesandcorporationsfromaroundtheworld6.Forexample,JinkoSolarHoldingCo.,Ltd.partnershipwithNextEraEnergy.Based inShanghai, JinkopartneredwithFlorida’sutilitycompanytosupplythemwith“upto2,750megawattsofhigh-efficiencysolarmodules— roughly 7 million solar panels — over approximately four years.” Jinko opened amanufacturingfacilityinJacksonvilletomakethesepanelsthuscreatingjobsandfurtheringFlorida’scleantechindustryprofile7.

Uponfurtherassessment,itisimportanttoanalyzehowtheRooftopSolarPowerIndustryinFloridacreatesavirtuouscyclethatfurtherenhancessustainableeconomicgrowthandexpansion.ThiscanbevisualizedintheMatrixbelow.

Clearly, FloridaRooftop Solar Power Industry is a targeted and supported industry. TheIndustry’scommitmenttoexcellenceisusedinbrandingmaterialstosupporttheattractionandretentionofcompaniesaroundtheState.Further,theIndustryemployshigh-wageandhigh-skilledlabor,atoppriorityforelectedofficialsandpolicymakersfromaroundFlorida.Inalignmentwiththesepolicyaimsandgoals,RooftopSolarPowerinFloridabecomesthen6https://www.enterpriseflorida.com/wp-content/uploads/cleantech-industry-profile.pdf7https://jinkosolar.us/press/nextera-energy-and-jinkosolar-announce-deal-for-millions-of-solar-panels-jinkosolar-to-begin-manufacturing-solar-panels-in-florida/



anessentialelementinsustainableeconomicdevelopmentforFloridaforthepresentandthefuture.ItisthereforemissioncriticaltocontinuetosupporttheIndustryastheRooftopSolarPowerIndustrythensupportsrisingstandardsoflivingandhigherqualityoflivesforallresidentsintheSunshineState.

Inconclusion,theRooftopSolarPowerIndustry’simportanceforthecontinuedsustainedgrowthanddiversificationoftheFloridaeconomycannotbestressedenough.Bysupportingthe existing economic development efforts of the State and aligning its efforts withpolicymakersandstakeholders,theRooftopSolarPowerIndustrysupportshigh-wageandhigh-skilled jobs that directly contribute to increase the standard of living for Floridaresidents.AstheIndustrycontinuestogrow,Floridaresidentswillbenefittremendously,farmorethancanaccuratelybequantifiedandasfoundinthefollowingSectionofthisStudy.



III. TheAnnuallyRecurringEconomic Impactsof theRooftopSolarPowerIndustry’sOngoingOperationsContributeSignificantlytotheEconomicWell-BeingofFlorida

TheongoingoperationsoftheRooftopSolarPowerIndustryinFloridaaresignificantandgrowing,resultinginemploymentopportunitiesforlocalresidentsthroughouttheState.TheIndustry’sactivitiesincreasetheState’sGrossDomesticProduct(GDP),leadingtogreatereconomic productivity through economies of scale and agglomeration, and throughadditionaloperatingrevenuesofbusinessestablishmentswithinFloridathatprovidethisIndustrywithavarietyofgoodsandservices.

The IMPLAN Group, LLC. (IMPLAN) developed the software and basic data needed toformulatetheeconomicmultipliermodelusedforthisStudy.IMPLANhasbeenprovidingeconomic multiplier models for regional economic impact analysis since 19858. Modelsdeveloped using IMPLAN software have been widely used by private-sector, academiceconomists,andbyFederal,StateandLocalgovernmentagenciestomeasuretheimpactsofspecificeconomicactivities.AllimpactsareestimatedonarecurringannualbasisandwerebasedonFloridaindustryemploymentof8,907for20199.

IMPLANMethodology

Economic models that explicitly account for inter-industry linkages (supply relationships), thegenerationoflaborandcapitalincomeandthespendingofhouseholdincomehavebeenusedsincethe1960’stoestimatethecontributionthataparticularbusinessorindustrymakestothegeneraleconomy.These“input-output”modelsrecognizethatasanindustryexperiencesanincreaseinthedemandforitsproductsorservices,itinturnneedsmoregoodsandservicesfromitssuppliersandmustincreaseitspurchasesfromotherindustriesintheeconomy.Theeffectonregionalproductionresultingfromsuccessiveroundsofinter-industrylinkagesisreferredtoastheindirecteffect.Theresulting increases in regional production also lead to expansions in employment andhouseholdincome,andtheincreasesinlaborincomeleadtoincreasesinconsumerspending,furtherexpandingsalesandproductionthroughouttheregionaleconomy.Thelattereconomicimpactsarereferredtoastheinducedeffects.Thesuccessivewavesofproduction,spendingandmoreproductionresultineconomic multiplier effects, where the final or total increase in regional production, income andemployment,respectivelyislargerthantheinitial(or“direct”)increaseinproduction,incomeandemployment.Thetotalquantitativeeconomiccontributionoftheseactivities,therefore,iscomprisedofadirecteffect,anindirecteffectandaninducedeffect.

8InformationontheIMPLANGroup,LLCmodelsandthecompanyhistorycanbefoundatwww.implan.com.9TheSolarFoundation10thAnnualNationalSolarJobsCensus2019,February2020http://www.SolarJobsCensus.org



The following Section presents the summary of the economic impacts generated by theongoingoperationsoftheFloridaRooftopSolarPowerIndustryintheFloridaeconomyinterms of Employment (Jobs), Household Income, Gross Domestic Product (GDP), TotalEconomicImpactandFederal,State&LocalFiscalRevenues.

A. The Rooftop Solar Power Industry is an Important Contributor to OverallEconomicGrowthandtheWell-BeingofFloridaResidents

TheRooftop SolarPower Industry’s growingoperations generate significant quantifiableeconomicimpactsthroughoutFlorida.TheIndustryhasasignificant$18billionimpactonFlorida annually. This impact encompasses 40,462 jobs supported, over $3 billion inHousehold Income,more than $10 billion contribution to State Gross Domestic Productannuallyandover$3billioninFederal,StateandLocaltaxrevenuesgeneratedeachyear.Theselargeimpacts,summarizedinTable1below,maketheRooftopSolarPowerIndustrya top contributor to State economic activity and a major source of job opportunitiesstatewide.

Table1.SummaryoftheAnnualEconomicImpactsGeneratedinFloridabytheOngoingOperationsoftheRooftopSolarPowerIndustry(byImpactType)

Impacton: Direct Indirect Induced TotalImpact

Employment(Jobs)∗ 8,907 15,774 15,781 40,462

HouseholdIncome($Million) $1,331 $1,114 $735 $3,179

GDP(ValueAdded-$Million) $6,488 $2,746 $1,375 $10,609

Federal,State&LocalTaxRevenues($Million) --- --- --- $3,257

TotalEconomicImpact($Million) $10,730 $5,166 $2,426 $18,322


The ongoing operations generate economic impacts that extend beyond those directlyrelatedtotheactivitiesoftheRooftopSolarPowerIndustrythroughouttheStateofFlorida.These “spillover” or multiplier impacts are the result of each business activity’s supplyrelationships with other firms operating within the State economy, the proportion ofbusinessvalueadded10thataccruestohouseholdsintheformoflaborandcapitalincomeandthepropensityofhouseholdstospendincomeongoodsproducedwithinthelocalarea.∗Thedirectemploymentfigureswithintheeconomicimpacttablesdonotnecessarilyequalthetotalfull-timeequivalent(FTEs).ThisisduetotheIMPLANinput/output(I/O)methodology,whichmeasuresreal(inflation-adjusted)economy-wideimpactsbasedonaveragewagesoftheindustryandproductivitywithinthegivenstudyarea.10“Valueadded”referstothedifferencebetweenbusinessrevenuesandthecostofnon-laborandnon-capitalinputsusedtoproducegoodsand/orservices.



The direct, indirect and induced economic impacts of the Florida Rooftop Solar PowerIndustrywerecalculatedusinganextendedinput-outputmodeloftheFloridaeconomy.

The followinganalysispresents theeconomic impactsonEmployment (Jobs),HouseholdIncome,GrossDomesticProduct(GDP)andTotalEconomicImpactbyspecificindustries,aswellasFiscalRevenuesgeneratedfromtheoperationsoftheFloridaSolarPowerIndustry.

B. AnEstimated40,462 JobsareSupportedThroughoutFloridaby theOngoingOperationsoftheRooftopSolarPowerIndustry

TheoperationsoftheRooftopSolarPowerIndustrycreate40,462jobsinFlorida.Justover22percentor8,907ofthetotalemploymentsupportedarethedirect jobsat firmsinthe

industry; and31,555 jobs resultfrom indirect and inducedimpacts as the Industry’soperations and spending filterthrough the State economy(Table 1, page 11).Approximately 44 percent orover 17,970 occurs in theKnowledge-Based Services

sectorthatrequiresworkerswithhighproductivityskillsachievedthroughpost-secondarydegreesandcontinuoustraining.

Table2.TotalJobsSupportedinFloridabytheOngoingOperationsoftheRooftopSolarPowerIndustry(byIndustrySector)

Industry JobsSupported %ofTotal

Knowledge-BasedServices∗ 17,970 44%

Government&Other 12,718 31%

WholesaleTrade&TransportationServices 3,653 9%

VisitorIndustry 2,847 7%

RetailTrade 2,707 7%

ConstructionandManufacturing 567 1%

Total: 40,462 100%

Notes:Totalmaynotequalthesumofallduetorounding.SeedetailedtableinAppendixIII.Source:TheWashingtonEconomicsGroup,Inc.(WEG)

∗Major industries under this category such as High-Tech Manufacturing, Information Technology (IT), Finance andInsurance,RealEstate,Professional,AdministrativeServicesandArts,Entertainment&Recreationhave on average a higher wage than the State average.

Therefore,thetotalnumberofjobsdirectly,indirectlyandinducedsupportedbytheoperationsoftheRooftopSolarPowerEnergyisestimatedat40,462–makingasignificantcontributiontoemploymentopportunitiesintheStateofFlorida.



Inaddition,approximately12,718jobs,or31percent,aresupportedintheGovernment&Other sector, 3,653, or9percent are inWholesaleTrade&TransportationServices.TheremainingjobsarecreatedintheVisitorIndustryandRetailTradesectorswith7percenteach,and1percentintheConstructionandManufacturingsectorscombinedaspresentedinTable2onthepreviouspageandinFigure3below.

C. The Rooftop Solar Power Industry Ongoing Operations Contribute

SubstantiallytotheStandardofLivingofFloridaResidents

The Rooftop Solar Power Industry also contributes to the standard of living of Florida’sresidentsbyaddinganestimatedmorethan$3billioninincometotheState’shouseholds.ItshouldbenotedthatthisincreaseinincomeforFloridaHouseholdsissolelyattributableto

the employment impacts and doesnot take into account any incomeattributable to the electric powergenerated by the rooftop solarinstallations.

TheRooftopSolarPowerIndustryisdirectly responsible for thegeneration of $1.3 billion, and the

indirectandinducedimpactsgenerateover$1.8billioninHouseholdIncomeintheStateofFloridaeveryyear.(Table1,page11.)AspresentedinTable3andFigure4onthenextpage,

44%

31%

9%

7%7%

1%

Figure3.TotalJobsSupportedinFloridabytheOngoingOperationsoftheRooftopSolarPowerIndustry

Knowledge-BasedServices

Government&Other

WholesaleTrade&TransportationServices

VisitorIndustry

RetailTrade

ConstructionandManufacturing

Source:TheWashingtonEconomicsGroup,Inc.(WEG)

Intotal,thejobssupportedbytheRooftopSolarPowerIndustry’songoingoperationscontributetothestandardoflivingofFloridaresidentsbyaddinganestimated$3billioninHouseholdIncomeannually.



workersintheGovernment&Othersector11received$1.8billionor58percentofthetotallabor compensation while workers in the Knowledge-Based Services sector receivedapproximately$929millionor29percentofthetotallaborcompensationpaidasaresultofindustryongoingoperations.

Table3.HouseholdIncomeGeneratedinFloridabytheOngoingOperationsoftheRooftopSolarPowerIndustry(byIndustrySector)

Industry TotalImpact($Million) %ofTotal

Government&Other $1,830 58%

Knowledge-BasedServices∗ $929 29%

WholesaleTrade&TransportationServices $224 7%

RetailTrade $91 3%

VisitorIndustry $74 2%

ManufacturingandConstruction $32 1%

Total: $3,180 100%

Note:Totalmaynotequalthesumofallduetorounding.SeedetailedtableinAppendixIII.Source:TheWashingtonEconomicsGroup,Inc.(WEG)

11AccordingtoIMPLAN,Government&Otherisalargesectorbecauseelectricutilities(includingsolarelectric)aggregateintothissector.∗Major industries under this category such as High-Tech Manufacturing, Information Technology (IT), Finance andInsurance,RealEstate,Professional,AdministrativeServicesandArts,Entertainment&Recreationhave on average a higher wage than the State average.

58%29%

7%3% 2% 1%

Figure4.HouseholdIncomeGeneratedinFloridabytheOngoingOperationsoftheRooftop SolarPowerIndustry

Government&Other



RetailTrade

VisitorIndustry

ManufacturingandConstruction




ThisisfollowedbytheWholesaleTrade&TransportationServicesgenerating$224million,or7percent. Theremaining6percentofHouseholdIncomeisgeneratedacrossallothersectorsoftheStateeconomy.Ofthis6percent,theRetailTradesectorcomprises3percent,ormorethan$90million,and2percentiswithintheVisitorIndustrysectorand1percentintheManufacturingandConstructionsectors.

D. GrossDomesticProductImpacts:TheRooftopSolarPowerIndustry’sOngoingOperationsareImportanttotheOverallEconomicActivityinFlorida

GrossDomesticProduct(ValueAdded)istheportionofbusinessrevenuethatisavailabletopay compensation to workers, capital income and indirect business taxes. It is also theprincipal source of income to households and a keymeasure of the contribution to theeconomymade by the activities of the Rooftop Solar Power Industry, resulting in a netcontributiontotheStateeconomyofover$10billioneachyearasshowninTable4below.Ofthis,over$6billionisattributedtodirectimpacts,andmorethan$4billioncomesfromindirectandinducedimpacts(Table1,page11).

Table4.GDP(Value-Added)ImpactsGeneratedinFloridabytheOngoingOperationsoftheRooftopSolarPowerIndustry(byIndustrySector)



Knowledge-BasedServices∗ $1,616 15%


RetailTrade $152 1%



Total: $10,609 100%


OfthetotalFloridaGDPofmorethan$10billionattributabletotheRooftopSolarPowerIndustryeachyear,animportantover$8billionor78percentofGDPisgeneratedintheGovernment&Othersector12,followedby$1.6billionor15percentintheKnowledge-Based

∗Major industries under this category such as High-Tech Manufacturing, Information Technology (IT), Finance andInsurance,RealEstate,Professional,AdministrativeServicesandArts,Entertainment&Recreationhave on average a higher wage than the State average. 12Ibid.



Servicessector,$404millionor4percentintheWholesaleTrade&TransportationServicessector and $152million or 1 percent in Retail Trade sector. The remaining 2 percent isgenerated in the Visitor Industry and in the combined Manufacturing and Constructionsectors.ThepercentagedistributionineachindustrysectorisillustratedinTable4inthepreviouspageandinFigure5below.

E. The Total Economic Impact Generated by the Florida Rooftop Solar Power

IndustryisaSignificant$18BillionTotalEconomicImpactmeasuresthetotalproductionofanindustryorbusiness.Inthiscase,theTotalEconomicImpactmeasuresthetotalamountofgoodsandservicesproducedbytheRooftopSolarPowerIndustry’sactivitiesinFlorida.

As in theother impactmeasures, asignificant portion of the TotalEconomic Impact occurs in theGovernment & Other sector13representing 77 percent or morethan$14billionoftheoverallTotalEconomic Impact. Sixteen (16),

percent, or close to $3 billion of the impact is generated within the Knowledge-Based

13Ibid.


TheTotalEconomicImpactoftheFloridaRooftopSolarPowerIndustryisestimatedatslightlyover$18billionannually,asignificantcontributiontotheStateeconomyandjobsforresidents.

78%

15%

4% 1% 1% 1%

Figure5.GDP(Value-Added)ImpactsGeneratedinFloridabytheOngoingOperationsoftheRooftop SolarPowerIndustry

Government&Other



RetailTrade

VisitorIndustry




Servicessector,and4percent isgeneratedwithintheWholesaleTrade&TransportationServices sector. The remaining 3 percent is distributed among the Retail Trade, VisitorIndustry and the Manufacturing and Construction sectors of Florida’s economy. This ispresentedinTable5andinFigure6below.

Table5.TotalEconomicImpactGeneratedinFloridabytheOngoingOperationsoftheRooftopSolarPowerIndustry(byIndustrySector)



Knowledge-BasedServices∗ $2,901 16%


RetailTrade $255 1%



Total: $18,323 100%


∗Major industries under this category such as High-Tech Manufacturing, Information Technology (IT), Finance andInsurance,RealEstate,Professional,AdministrativeServicesandArts,Entertainment&Recreationhave on average a higher wage than the State average.


77%

16%

4% 1% 1%1%

Figure6.TotalEconomicImpactGeneratedinFloridabytheOngoingOperationsoftheRooftop SolarPowerIndustry

Government&Other



RetailTrade

VisitorIndustry





F. TheFloridaRooftopSolarPowerIndustryGeneratesImportantContributionstoPublicRevenuesEachYear

TheRooftopSolarPowerIndustry’soperationsgeneratesignificantcontributionstopublic-sector revenues throughout the State of Florida each year,with close to $1billionor31percentflowingtotheFederalgovernmentandmorethan$2billionor69percentallocatedtoStateandLocalgovernments.Intotal,theIndustrygeneratesatotalofover$3billioninFederal,StateandLocalgovernmentrevenuesannuallyasshowninTable6below.

Table6.FiscalContributionsArisingfromtheOngoingOperationsoftheRooftopSolarPowerIndustryinFlorida($Thousands)

TaxesandFeesPaidBy: FederalTaxes*

StateandLocalTaxes TotalTaxes

Capital $329,054 $717 $329,771

Labor $19,829 $0 $19,829

IndirectBusinessTaxes $167,261 $2,216,772 $2,384,032

Households $356,473 $3,197 $359,670

Corporations $126,840 $37,099 $163,939

Total: $999,457 $2,257,785 $3,257,241

*IMPLANdoesnottakeintoaccountofanyFederalTaxCreditsforRooftopSolar.Totalmaynotequalthesumofallduetorounding.Source:TheWashingtonEconomicsGroup,Inc.(WEG)

Inconclusion,theRooftopSolarPowerIndustrynotonlygeneratessignificantqualitativeorexternalitybenefitstotheState,butalsosignificantquantifiableeconomicdevelopmentimpacts.ThesequantifiableimpactscreateemploymentopportunitiesforFloridaresidentswhileaddingtothestandardoflivingasasourceofHouseholdIncomeandclean,reliableenergygeneration.



AppendixI:Methodology



IMPLANModelThe multiplier impacts calculated by the IMPLAN model are based on input-outputmethodology, which explicitly considers the inter-industry linkages that exist within aneconomy.Eachindustryneedslaborandinputsfromotherindustriesinordertoproduceeconomic output. Whenever an industry experiences an increase in the demand for itsoutput, many other industries within that economy indirectly experience an increase indemand aswell because of these inter-industry linkages. This increase in demand thatresultsfromtheneedformaterialinputsiscalledtheindirecteffects.Inaddition,anincreaseinproductionwithina regionalso leads toan increase inhousehold income through thehiringofworkers,whichinturngeneratesfurtherdemandsforgoodsandserviceswithintheregion.Firmsalsoneedtoexpandtheirbaseofphysicalcapitaltomeethigherlevelsofdemand,andthistoostimulatesregionaleconomicgrowth.Thelattereffectsarereferredtoas induced effects. The inter-industry linkages and the induced effects on consumer andcapital spending lead to successive rounds of production, and this process results in anincreaseinoutputthatexceedstheinitialchangeindemand,oramultipliereffect.Similarly,theincreaseinhouseholdincomewillexceedtheinitialpayrollincreaseencounteredintheindustrythatexperiencedtheoriginalincreaseindemand.Thetotalchangeinemploymentintheregionaleconomyisamultipleofthedirectchangeinemployment.

Thefollowingrepresentsthesystemofequationsthatcomprisetheregionaleconomyinanextendedinput-outputmodellikeIMPLAN:

Thevariablesx1toxkrepresenttotalproductionofoutputineachindustry.Thecoefficientsaijrepresentthepurchasesfromindustry“i”thatareneededtoproduceadollarofoutputinindustry“j”.Theseareknownasthedirectrequirementcoefficients.Thevariablexhrefers



to household income and the coefficients aih refer to the average amount of householdincomespentonpurchasesfromindustry“i”,ortheaveragepropensitiestoconsume. Thecoefficients ahi are similar to the inter-industry purchases (aij’s), but they represent thehousehold income that is generated fromeachdollar of output produced in industry “i”.SimilarlythevariablexIrepresentsregionalspendingoncapitalgoods,andthecoefficientsaIjrepresentsthespendingoncapitalgoodsforeachdollarofoutputproducedinindustry“j”. ThecoefficientsajI represent theamountpurchased from industry “j” foreachdollarspent on capital goodswithin the region. The variables fj represent the exogenous finaldemandfacedbyeachindustry,respectively.

Thissystemofequationreduces,usingmatrixnotation,tothefollowingsolutionforindustryoutputandhouseholdincome:

XisthevectorofindustryoutputsplushouseholdincomeandFisavectorofexogenousfinaldemands.The“outputmultipliers”(i.e.,thechangeinindustryoutputandhouseholdincomethatresultsfromachangeinfinaldemandfortheoutputofaparticularindustry)aregiveninthecolumnsofthe(I-A)-1matrix.TheIMPLANsoftwarecalculatesthesemultipliersforcounties,statesandothersub-stateregions.Thesemultiplierscanbeusedtoprovideasenseoftheeconomicimportanceofanindustryoraneconomicactivityinagivenregion. Themultipliersimpactsforgrossstateproduct, laborandcapital incomeandthegovernmentrevenueimpactsarederivedfromthebasicoutputmultipliersgivenby(I-A)-1.

The IMPLAN model uses historical relationships between public-sector revenues andregionaleconomicoutput inordertoestimatethepublic-sectorrevenueimpactresultingfromtheestablishmentofanew,orexpansionofanexistingeconomicactivity.

TheComprehensiveEconomicDevelopmentImpactsoftheRooftopSolarIndustryontheStateofFlorida


AppendixII:EconomicGlossary



DefinitionsofEconomicTermsUsedintheAnalysis

Employment Totaloffull-timeorpart-timejobs.

Household(Labor)Income Allformsofemploymentincome,includingEmployeeCompensation(wagesandbenefits)andProprietorIncome.

GrossDomesticProduct(GDP)

Theincreasedvalueofaproductasaresultoftheeconomicinputs(laborandcapital)expendedatagivenstage.IntheIMPLANModel,GDP is the sum of: Employee Compensation, Proprietor Income,OtherPropertyTypeIncome(Interest)andIndirectBusinessTaxes.

EconomicImpact(Output) Totalvalueofalltransactionsattributedtoanactivity.

DirectEffects

The set of expenditures applied to the predictivemodel (i.e., I/Omultipliers) for impact analysis. It is a series (or single) ofproductionchangesorexpendituresmadebyproducers/consumersas a result of an activity or policy. These initial changes aredetermined by an analyst to be a result of this activity or policy.ApplyingtheseinitialchangestothemultipliersinanIMPLANmodelwillthendisplayhowtheregionwillrespond,economicallytotheseinitialchanges.

IndirectEffects

Theimpactoflocalindustriesbuyinggoodsandservicesfromotherlocal industries. The cycle of spending works its way backwardthrough the supply chain until all money leaks from the localeconomy, either through imports or by payments to value added.TheimpactsarecalculatedbyapplyingDirectEffectstotheTypeIMultipliers.

InducedEffects

Theresponsebyaneconomytoaninitialchange(directeffect)thatoccursthroughre-spendingofincomereceivedbyacomponentofvalue added. IMPLAN's default multiplier recognizes that laborincome (employee compensation and proprietor incomecomponents of value added) is not a leakage to the regionaleconomy. This money is re-circulated through the householdspendingpatternscausingfurtherlocaleconomicactivity.



AppendixIII:DetailedEconomicImpactTables



DetailedImpactTables

WithinthemainportionoftheStudytheeconomicimpactsarepresentedatasummarylevel.Direct,IndirectandInducedImpactsareaggregatedintotheTotalImpact,andIndustriesaresummarized by function. The following Tables present detailed impacts at the two-digitNAICSindustryclassificationlevel.

ThefollowingindustrysectorsummarizationsareusedinthisStudy:Government & Other is the sum of: Agriculture & Forestry, Mining, Utilities, CompanyManagementandGovernment&Other.

Knowledge-Based Services is the sum of: Information (IT), Finance & Insurance, RealEstate,ProfessionalBusinessServices,Administrative,EducationalServices,Health&SocialServices,Arts,Entertainment&RecreationandOtherServices.

Wholesale Trade & Transportation Services is the sum of: Wholesale Trade andTransportation&Warehousing.

TheAccommodationandFoodServicessectorwasrenamedVisitorIndustry.

TheRooftopSolarPowerIndustryEconomicImpactsTables

TableA-1.TotalJobsSupportedinFloridabytheOngoingOperationsoftheRooftopSolarPowerIndustry.......................................................................................................26

TableA-2.HouseholdIncomeGeneratedinFloridabytheOngoingOperationsoftheRooftopSolarPowerIndustry......................................................................................27

TableA-3.GDP(Value-Added)ImpactsGeneratedinFloridabytheOngoingOperationsoftheRooftopSolarPowerIndustry................................................28

TableA-4.TotalAnnualEconomicImpactGeneratedInFloridabytheOngoingOperationsoftheRooftopSolarPowerIndustry................................................29



TableA-1.TotalJobsSupportedinFloridabytheOngoingOperations

oftheRooftopSolarPowerIndustry

IndustryImpacts

Direct Indirect Induced TotalAgriculture&Forestry 0 8 90 99

Mining 0 130 5 135

Utilities 8,907 1,731 33 10,672

Construction 0 183 117 300

Manufacturing 0 93 174 267

WholesaleTrade 0 310 375 684

RetailTrade 0 263 2,444 2,707

Transportation&Warehousing 0 2,167 803 2,969

Information 0 276 250 526

Finance&Insurance 0 700 1,336 2,036

RealEstate 0 894 905 1,799

ProfessionalServices 0 2,245 777 3,022

CompanyManagement 0 204 175 379

Administrative 0 4,032 980 5,011

EducationalServices 0 19 367 386

Health&SocialServices 0 0 2,972 2,972

Arts,Entertainment&Recreation 0 150 476 626

Accommodation&FoodServices 0 794 2,053 2,847

OtherServices 0 287 1,305 1,591

Government&Other 0 1,289 146 1,435

Total: 8,907 15,775 15,783 40,462




TableA-2.HouseholdIncomeGeneratedinFloridabytheOngoingOperations

oftheRooftopSolarPowerIndustry($inThousands)

IndustryImpacts

Direct Indirect Induced TotalAgriculture&Forestry $0 $291 $2,676 $2,967

Mining $0 $1,659 $90 $1,749

Utilities $1,330,607 $308,550 $5,504 $1,644,660

Construction $0 $9,853 $6,167 $16,020

Manufacturing $0 $6,241 $9,784 $16,025

WholesaleTrade $0 $27,769 $34,387 $62,157

RetailTrade $0 $8,650 $81,868 $90,518

Transportation&Warehousing $0 $134,643 $27,031 $161,675

Information $0 $27,988 $23,679 $51,667

Finance&Insurance $0 $51,719 $86,046 $137,765

RealEstate $0 $22,144 $21,636 $43,780

ProfessionalServices $0 $169,323 $56,085 $225,408

CompanyManagement $0 $21,919 $18,815 $40,735

Administrative $0 $154,729 $37,871 $192,599

EducationalServices $0 $789 $14,922 $15,711

Health&SocialServices $0 $7 $180,100 $180,107

Arts,Entertainment&Recreation $0 $4,317 $14,136 $18,453

Accommodation&FoodServices $0 $21,534 $52,022 $73,556

OtherServices $0 $13,712 $49,515 $63,227

Government&Other $0 $127,718 $12,651 $140,369

Total $1,330,607 $1,113,555 $734,985 $3,179,148




TableA-3.GDP(Value-Added)ImpactsGeneratedinFloridabytheOngoingOperations


IndustryImpacts

Direct Indirect Induced TotalAgriculture&Forestry $0 $446 $4,776 $5,221

Mining $0 $3,030 $279 $3,309

Utilities $6,488,398 $1,338,044 $23,119 $7,849,561

Construction $0 $18,695 $11,339 $30,034

Manufacturing $0 $12,225 $18,596 $30,821

WholesaleTrade $0 $112,115 $75,819 $187,934

RetailTrade $0 $16,905 $135,305 $152,210


Information $0 $60,873 $57,129 $118,003


RealEstate $0 $73,830 $331,929 $405,759



Administrative $0 $204,909 $44,996 $249,905

EducationalServices $0 $1,100 $17,379 $18,479




OtherServices $0 $18,029 $60,314 $78,342


Total $6,488,398 $2,745,877 $1,374,730 $10,609,004




TableA-4.TotalEconomicImpactGeneratedinFloridabytheOngoingOperations


IndustryImpacts

Direct Indirect Induced Total

Agriculture&Forestry $0 $716 $8,753 $9,469

Mining $0 $44,877 $1,806 $46,683

Utilities $10,729,771 $2,543,469 $43,806 $13,317,045

Construction $0 $40,276 $24,573 $64,849

Manufacturing $0 $38,033 $59,703 $97,735

WholesaleTrade $0 $152,337 $127,359 $279,696

RetailTrade $0 $29,358 $225,889 $255,247


Information $0 $141,413 $121,365 $262,779


RealEstate $0 $176,113 $477,785 $653,898



Administrative $0 $339,282 $80,664 $419,946

EducationalServices $0 $1,597 $25,175 $26,771




OtherServices $0 $27,948 $92,939 $120,887


Total $10,729,771 $5,166,180 $2,426,378 $18,322,327




AppendixIV:TheWashingtonEconomicsGroup,Inc.

ProjectTeamandQualifications



J. Antonio Villamil Founder and Senior Advisor

Tony Villamil is a nationally recognized economist, with over thirty-five years of successfulcareerasabusinesseconomist,universityeducatorandhigh-levelpolicymakerforbothfederalandstategovernments.Tonywasselectedin2008asthefoundingDeanoftheSchoolofBusinessofSt.ThomasUniversity,servingsuccessfullyuntilDecember31,2013atwhichtimeheresignedtoreturnassenioradvisortothegrowingeconomicconsultingpracticethathefounded,TheWashington Economics Group, Inc. (WEG), a Florida-based firm established in 1993 uponreturningtotheStatefromhispublicserviceinWashington,D.C.

TonyistheimmediatepastChairmanoftheGovernor’sCouncilofEconomicAdvisorsofFlorida,andduring1999-2000,hewasselectedbyGovernorBushashisfirstDirectorforTourism,TradeandEconomicDevelopment.Previously,hewasappointedbyPresidentGeorgeH.W.BushasU.S. Undersecretary of Commerce for Economic Affairs, receiving unanimous U.S. Senateconfirmation.PresentlyheisactiveonCorporateBoardofDirectors,includingPanAmericanLifeInsuranceGroup(PALIG)andSpanishBroadcastingSystem(SBS).AtPALIGheservesasChairoftheGovernanceandNominatingCommitteeoftheBoard.TonyiscurrentlyChairoftheBoardCompensationCommitteeatSBS.Herecentlycompletedasuccessful18-yeartenureatAmerantBank,N.A.andAmerantHoldingCorp.,servingasChairoftheRiskCommitteeandmostrecentlyasChairoftheAML/BSACommittee.AmerantBank,N.A.istheformerMercantilBank,N.A.andbecomeapubliccompanyin2020duringhisactiveserviceontheBoard.Among civic andprofessional leadershippositions,he is currently amemberof theBoardofDirectorsoftheMiami-DadeBeaconCouncil,theofficialeconomicdevelopmentorganizationofthecounty.HeisalsoontheBoardofDirectorsoftheGreaterMiamiChamberofCommerce.HeservesasSeniorFellowoftheJamesMadisonInstitute(JMI)ofTallahassee,Florida.

HeearnedBachelorandMasterDegrees inEconomics fromLouisianaStateUniversity(LSU),where he also completed coursework for the Ph.D. Degree. In 1991, Florida InternationalUniversity (FIU) awarded him a Doctoral Degree in Economics (hc), for “distinguishedcontributions to the Nation in the field of economics.” He frequently speaks to business,governmentanduniversityaudiencesontheFloridaeconomy,U.S.tradepolicyandeconomicdevelopmentissues.



Jose Antonio (TJ) Villamil IV Director of Operations

JoseAntonio(TJ)VillamilservesasDirectorofOperationsofTheWashingtonEconomicsGroup, Inc. (WEG). TJ oversees the client relations, marketing and business researchfunctionsofthefirm.

PriortojoiningWEG,TJwastheManagerofSocialMediafortheKeiserUniversitySystemofFlorida.Amongotherexperiences,heservedas theUniversityofFlorida(UF)SpecialAssistanttotheUniversityPresidentfromMay2014toDecember2015.Duringhisrole,hewasalsotheassistantcorporatesecretarytotheUFBoardofTrustees.HeassistedtheUFPresidentoverseea$4.6billionbudget,50,000students,16colleges,twoacademichealthcentersandmorethan150researchcenters.Inthisrole,TJdirectedspecialprojectsandgavestrategicadvicetoPresidentBernieMachenandtheUFBoardofTrustees.TJendedhis role when Dr. Machen retired after 12 years of service to UF and returned to hishometownofMiamitojoinWEG.

TJisaprouddoublegraduatefromUF,receivinghisMastersinEntrepreneurshipfromtheHoughGraduateSchoolofBusiness,andhisundergraduatedegreeinTelecommunications– News from the College of Journalism and Communications. TJ proudly served as theStudentBodyPresidentforUFfrom2012to2013torepresentthe50,000-memberstudentbodyoftheGatorNation.Duringthatperiod,TJalsorepresentedallstudentinterestsontheUFBoardofTrusteesandontheboardsofdirectorsoftheUFAlumniAssociation,theUFFoundationandtheUniversityAthleticAssociation.



CharlesK.YarosAssociateConsultantforEconomics

ChuckYarosisanAssociateConsultantforEconomicsatTheWashingtonEconomicsGroup,Inc. (WEG). He serves as economic consultant in the areas of financial economics andeconomic impact studies. Prior to joining WEG he was a Vice President and PortfolioStrategist at Shay Financial Services in Miami where he specialized in developing,implementing and managing interest rate risk and capital optimization strategies forfinancialinstitutions.

Mr. Yaroshasover20years of experience as a business and financial economist, havingworkedinanumberofpositionsofprogressiveresponsibilityintheSouthFloridabusinesscommunity.Additionally,hehasspokenandtaughtcoursesonfinancialriskmanagement.

ChuckreceivedhisundergraduatedegreeinEconomicswithHonorsfromTrinityCollegeandhisMaster’sdegreeinEconomicsfromDukeUniversity,wherehealsocompletedcourseworkforthePh.D.degree.ChuckandhisfamilyareresidentsofCoralGables,Florida.



HaydeeM.CarrionSenior&ProjectResearchAssistant

HaydeeM.CarrionhasbeenExecutiveAssistanttoDr.Villamilsincethefirm’sfoundingin1993. Shehasseniorlevelexpertiseinmulti-mediapresentationsandinthepreparationanddesignofcomplexreportsanddocumentsforclients,utilizingthelatesttechnologies.

In 2012,WEG promoted her to Senior and Project Research Assistant to the firm, givenoutstandingperformanceinweb-basedresearchandinassistancetothefirm’sPrincipalinthe preparation of audio-visual presentations for clients and in desktop publishing. Ms.CarrionisfluentinSpanish,withexperienceinthepreparationofeconomicsandbusinessdocumentsinthelanguage.

Ms.CarrionhasbeenwithWEGforover25years.Ms.Carrionholdsdegrees inBusinessAdministrationandOfficeSystemTechnologiesfromMiami-DadeCollege.



The Washington Economics Group, Inc. (WEG) has been successfully meeting clientobjectivessince1993 througheconomicconsultingservices forcorporations, institutionsandgovernmentsoftheAmericas.Wehavetheexpertise,high-levelcontacts,andbusinessalliancestostrengthenyourcompetitivepositioninginthegrowingmarketplacesofFlorida,LatinAmericaandtheCaribbean.Our roster of satisfied clients, over the past 28 years, includes corporations, financialinstitutions,publicentities,andnon-profitassociationsexpanding theiroperations in theAmericas.

EXCLUSIVECONSULTINGAPPROACH:

Each client is unique to us.We spend considerable time and effort in understanding theoperations,goals,andobjectivesofclientsastheyseekourconsultingandstrategicadvice.Wearenotamass-productionconsultingentitynordoweaccepteveryprojectthatcomestous.Weengagealimitednumberofclientseachyearthatrequirecustomizedconsultingservices inourpremierareasof specialization.Thesepremierandexclusive servicesareheadedbyFounderandSeniorAdvisorJ.Antonio(Tony)Villamil.TonyisaformerU.S.UnderSecretaryofCommercewithoverthirty-fiveyearsofexperienceasabusinessexecutiveandasaseniorpublicofficialoftheU.S.andmostrecentlyofFlorida.

PREMIERCONSULTINGSERVICES:

EconomicImpactStudieshighlighttheimportanceofaclient'sactivitiesinthegenerationofincome,outputandemploymentinthemarketareaservicedbytheentity.Thesestudiesarealsoutilizedtoanalyzetheimpactofpublicpoliciesonkeyfactorsthatmayaffectaclient'sactivitiessuchastaxchanges,zoning,environmentalpermitsandothers.

Strategic Business Development Services are customized tomeet client objectives. Recentconsultingassignmentsincludecustomizedmarketingstrategies,countryriskassessmentsforinvestmentdecisionsandcorporatespokespersonactivitiesandspeechesonbehalfoftheclientatpublicorprivatemeetings.

EconomicDevelopmentStrategies.Thefirmsupportscities,countiesandstatesindevelopingtargetedeconomicdevelopmentplansandstrategiestoattract,retainandexpandhigh-wageindustries. Each plan is based on the factor endowments of the area, and in closecoordinationwithpublicofficialsinchargeofeconomicdevelopment.

For a full description of WEG capabilities and services, please

visit our website at: www.weg.com



TheWashingtonEconomicsGroup,Inc.RepresentativeClientList1993-2021

MultinationalCorporationsALSTOMAmeritechInternationalBureauVeritas(BIVAC)CarrierCarnivalCorp.EssoInter-AmericaFedExLatinAmericaGentingGroupHyattIBMJosephE.Seagram&Sons,Inc.(Vivendi)KPMG

LockheedMartinLucentTechnologiesMasterCardInternationalMediaOne/AT&TMedtronicMerckLatinAmericaMicrosoftLatinAmericaMotorolaPhelpsDodgeSBCCommunicationsTelefonicaDataSystemsVisaInternational

ConstructionandRealEstateDevelopmentFirmsAreasUSA,Inc.BarronCollierCompaniesBerkowitzDevelopmentGroupBocaDevelopersCDSInternationalCenturyHomebuildersCodinaRealtyChateauGroupEmpireWorldTowers,LLCESJCapitalPartnersFerroInvestmentGroup,LLCFlaglerDevelopmentFloridaEastCoastRealtyInc.FloridaRealtors

InlandPortSystems,LLCLandstarDevelopmentLXRLuxuryResortsMiamiAssetManagementCompany,Inc.Miapolis,LLCOdebrechtConstruction,Inc.PalazzoLasOlasGroup,LLCTateCapitalTheAllenMorrisCompanyTheRelatedGroup,Inc.TheRouseCompanyTheSt.JoeCompanyTrammelCrowCompanyWCIDevelopmentCompanies

Engineering,PlanningandDesignFirmsAECOM(DMJMHarris)Atkins(PBSJ)CDMSmith(WilburSmithAssociates)GolderAssociates

HNTBKimley-HornandAssociatesParsonsBrincherhoffRedevelopmentManagementAssociates(RMA)

CollegesandUniversitiesAlabamaStateUniversityBarryUniversityEckerdCollegeEmbry-RiddleAeronauticalUniversityFloridaAgricultural&MechanicalUniversityFloridaInternationalUniversityFullSailUniversityKeiserUniversityLosAngelesFilmSchoolMiami-DadeCollegePalmBeachMedicalEducationCorporation

RockyMountainCollegeofArtandDesignSanIgnacioCollegeSistemaUniversitarioAnaG.MéndezSt.ThomasUniversityUniversityofCentralFloridaUniversidadPolitécnicadePuertoRicoUniversityofFloridaUniversityofMiamiUM’sRosenstielSchoolofMarineandAtmosphericScienceUniversityofSouthFlorida/ENLACEUniversityofSouthFlorida

LawFirmsBecker&PoliakoffBilzinSumbergCarltonFieldsColsonHicksEidsonDLAPiperDunbar&Dunbar

GloriaRoaBodin,Esq.GreenbergTraurig,LLPHolland&Knight,LLPSteelHector&DavisTewCardenas,LLP

FinancialInstitutions

ABN-AMROBankAdvantageCapitalAMERANT(formerMercantilBankN.A.Allen&CompanyBNPParibasBACFloridaBankAtlanticCorp.BankUnited,FSBBarclaysBankCenturyBankESJCapitalPartnersEspiritoSantoBankFBA

FIBAFiduciaryTrustInternationalFirstUnionNationalBank(WellsFargo)HemisphereNationalBankHSBC/MarineMidlandInternationalBankofMiami(FirstUnitedBank)LazardFreres&Co.PanAmericanLifeInsuranceGroup(PALIG)PointeBank,N.A.SeitlinInsuranceSunTrustCorporationTheEquitable/AXAAdvisorsTDBank,N.A.UnionPlantersBankofFlorida(Regions)



Florida-BasedCompaniesAllAboardFloridaAmericanAirlinesArenaAtlanticSapphireBMICompaniesCommunikatzCoreMessagesDaytonaInternationalSpeedwayDosalTobaccoDriversClubMiamiFarmStoresFishkind&AssociatesFloridaHospitalFloridaMarlinsFloridaPower&LightFlo-SunSugarCorp.GreaterMiamiConvention&VisitorsBureauGreaterFt.LauderdaleAllianceHomestead-MiamiSpeedway

IberiaTilesInternationalSpeedwayCorporation(ISC)JungleIslandLakeNonaMercyHospitalMiamiDolphinsNopetroLLCPalmBeachPremierResortsWorldMiami(RWM)RonSachsCommunicationsRollingLoudSprintofFloridaeMergeAmericasTheBiltmoreHotelTheHeatGroupUltimateSoftwareUltraMusicFestivalVICTUS

Non-Florida-BasedInstitutionsDarlingtonRacewayGeorgiaRetailFederationIllinoisRetailMerchantAssociationIndianaRetailCouncilKansasSpeedwayMartinsvilleSpeedwayNewJerseyMotorsportsPark(NJMP)ProgressEnergy

RichmondInternationalRacewayTalladegaSuperspeedwayTheSeedFoundationUnitedStatesTennisAssociation(USTA)VirginiaInternationalRacewayWashingtonRetailAssociationWatkinsGlenInternational

PublicInstitutionsandNon-ProfitOrganizationsBaptistHealthSouthFloridaBayCareHealthSystemBrowardCountyPublicSchoolsCareerSourceNorthCentralFloridaChapmanPartnershipCitizensofCleanEnergyCityofBocaRatonCityofCoralGablesCityofDoralCityofPlantationCityofWestPalmBeachConservativesforCleanEnergyEconomicDevelopmentCommissionofCollierCountyEconomicDevelopmentCommissionofLeeCountyEconomicDevelopmentCommissionofMid-FloridaEnterpriseFlorida,Inc.FarmShare,Inc.FloridaBankersAssociationFloridaCitrusMutualFloridaChamberofCommerceFloridaInternationalBankersAssociationFloridaInstituteforCommercializationofPublicResearchFloridaLeagueofCitiesFloridaNursingHomesAllianceFloridaOutdoorAdvertisingAssociationFloridaPortsCouncilFloridaRetailAssociationFloridaSportsFoundationFloridaVentureForumFriendsofMiamiMarineStadiumGreaterTampaChamberofCommerceGreaterTallahasseeChamberofCommerce

IndependentCollegesandUniversitiesofFlorida(ICUF)IndianRiverCountyChamberofCommerceInter-AmericanDevelopmentBankJacksonHealthSystemsJacksonvilleChamberofCommerceJewishCommunityServicesLakelandRegionalLouisianaCommitteeforEconomicDevelopmentMiamiMarineStadiumMiamiMuseumofScienceMiami-DadeCountyPublicSchoolsMiami-DadeExpresswayAuthorityMiamiDowntownDevelopmentAuthorityPalmBeachInternationalAgriculturalSummitPortofMiamiSEIUFloridaSouthFloridaProgressFoundationSpaceFloridaSt.Mary’sMedicalCenterStateofFloridaSWFloridaRegionalChamberofCommerceSylvesterComprehensiveCancerCenterTampa-HillsboroughExpresswayAuthorityTampaGeneralTheBeaconCouncilTheFloridaBarTheFloridaChamberFoundationTheFloridaCoalitionforCapitalUnitedNationsEconomicDevelopmentProgramUnitedTeachersofDadeVisitFloridaZoologicalSocietyofFlorida

LatinAmerica-BasedInstitutionsAllied-Domecq,MexicoAssociationofPeruvianBanksFederationofInter-AmericanFinancialInstitutions(FIBAFIN)FonalledasEnterprises,PuertoRico

MercantilServiciosFinancieros,VenezuelaPeruvianManagementInstitute(IPAE)TheBrunettaGroupofArgentina

the comprehensive economic development impacts of the

Documents