Wind Industry Applauds RI Legislature for Upping Renewable Energy Target
Wednesday, June 22, 2016
American wind power is applauding the Rhode Island Legislature today for advancing for state's renewable energy target from 14.5 percent by 2019 to 40% by 2015.
The new law will ensure Rhode Island homeowners and businesses have greater access to renewable energy, including clean, low cost wind energy.
“With a turn of the Governor’s pen, Rhode Island can join a leading cohort of states raising their renewable energy targets in order to keep the air clean and cut costs. States with the best policies are going to attract the most business. By raising its Renewable Energy Standard, Rhode Island is sending the signal that it’s open for business to renewable energy developers who will invest billions of dollars into the state economy," said Tom Kiernan, CEO of the American Wind Energy Association.
GET THE LATEST BREAKING NEWS HERE -- SIGN UP FOR GOLOCAL FREE DAILY EBLASTThe legislation is considered to be part of the Senate's "Grow green jobs RI Action Plan," updates the state's previous renewable energy standard originally set in June 2004.
The original RES targeted 3% renewable energy by 2007, then rising at an additional 1.5% of renewable energy each year until 2020 until it would reach 16%.
The public utility commission later decided to delay the target for one year, effectively making the new RES 14.5% by 2019.
Wind Farm Investment in RI
Wind farm investment in Rhode Island has brought in $20 million in total capital investment to the state economy. According to the Wind Energy Foundation, growing wind power in Rhode Island could result in $240 million in electricity bill savings by 20150 and as much as $744 million in savings through lower gas prices.
Rhode Island could soon join a growing number of states, including California, Oregon, Vermont, and Hawaii, raising their existing renewable energy targets laws in order to reduce carbon emissions and cut costs by diversifying their electricity mix.
That list could also include New York as it considers expanding its renewable energy law to 50% by 2030.
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