Where does energy R&D come from? Examining crowding out from energy R&D

► We ask whether new energy R&D replaces other R&D spending. ► New energy R&D does not draw resources from non-energy R&D performing industries. ► Within firms, new energy patents do replace other patent types. ► This results from profit-maximizing behavior rather than financial constraints. ► Patent citations suggest the social value of alternative energy patents is high.