Renewable energy resources explain lower local bond yields and higher credit ratings, with the effects being largest in recent years. A Bartik instrumental variable analysis shows that wind turbine installations lead to greater yield reductions and higher credit ratings. We also find renewables are complements for shale oil and gas and substitutes for coal, and renewable resources create more value in red states than in blue states. Renewable energy resources improve the liquidity of local bonds and increase issuance amounts. Our results highlight the importance of renewables and traditional fossil fuels for local economies in the energy transition.