To coincide with Sens. Tom Carper (D-DE) and Susan Collins (R-ME) introducing the Incentivizing Offshore Wind Power Act in Congress today, Clean Energy States Alliance’s Offshore Wind Accelerator Project (OWAP) – along with the Center for American Progress (CAP), the Sierra Club, and the U.S. Offshore Wind Collaborative – released a jointly commissioned report that demonstrates how offshore wind can become cost competitive with electricity generated from natural gas by 2024, even without federal subsidies.
The analysis, titled A Learning Investment-based Analysis of the Economic Potential for Offshore Wind and conducted by the Brattle Group, also finds that building an American offshore wind industry would have minimal effect on ratepayers, a large majority of whom are willing to pay this slight increase for homegrown clean energy that creates jobs, protects public health, and leads to greater energy independence.
REGISTER TODAY (it’s free!) for a free webinar about this report: https://www1.gotomeeting.com/register/881946832
The first of its kind in analyzing the broader economic impact of developing an entire offshore wind industry, the Brattle Group report finds that the national average monthly rate increase for consumers would be between $0.25 to $2.08. Polls in New York, Maryland, and other states have shown that solid majorities of voters are willing to pay a couple dollars more every month to support local offshore wind projects.
To provide a conservative estimate of the economic effects, the Brattle Group analysis does not include any subsidies such as the production tax credit or investment tax credit, both of which apply to offshore wind energy.
We’re really excited about this report, and how it will help us advance our mission of getting steel in the water as soon as possible. Visit the CESA website to read the report and the accompanying briefing paper, Making the Economic Case for Offshore Wind, authored by CAP Director of Ocean Policy Michael Conathan.