As the wind industry experiences strong growth, it attracts investment capital which is being put to work in the economy.
Investment in wind projects leads to economic benefits and work for wind turbine manufacturers, landowners, construction companies and workers, local businesses which support construction and operations, and the municipalities where facilities are built. In addition, the final delivered price of wind energy is competitive with other sources and helps stabilize electricity rates through fixed long-term contracts.
The Industry:
The wind energy industry has been identified by market research firm IBISWorld as one of the fastest growing industries in the U.S. economy for the period 2000-2016 [1]. Since 2000, wind energy capacity in the United States has grown by a factor of 16 [2]. The resulting demand for wind turbines, as well as for other components and raw materials like concrete and steel, is quite significant: First Wind's 751 MW fleet includes 400 wind turbines. Turbines from both domestic and global suppliers typically have U.S.-based manufacturing facilities, and on average, more than 60% of the components in U.S. wind turbines is made in the U.S. [3].
Communities and Municipalities:
Development of our wind farms usually includes leases with landowners where turbines are sited. And unlike some other options for development, incorporating wind turbines enables landowners to continue using their property for agriculture, logging, ranching or recreation. During operations, the facilities also contribute significant property tax revenue for towns and states, with limited increased demand for local services. Cities and towns can use the increased tax revenue in a variety of ways including allocating funds to schools, new roads and infrastructure, and/or lowering local tax rates.
Delivered Cost:
Finally, wind energy is a low-cost, scalable renewable energy resource, and is competitive with conventional sources in some markets. Because wind energy has zero fuel costs and isn't impacted by volatile price spikes associated with fossil fuels, the delivered price of electricity from wind farms can be fixed over long periods (10-20 years), helping stabilize electricity rates paid by homes and businesses.
