THE COST OF WIND
THE RHETORIC: Wind energy is expensive.
THE REALITY: Adding wind power saves consumers money and helps hold down the price of other fuels.
- Wind power helps stabilize consumers' electric rates. Its cost has declined 33% just in the past three years, with improved technology and U.S.-based manufacturing,1 “making it competitive with other energy sources.”2
- Electric rates increased two times more in the 40 states with the least wind power between 2005 and 2010, versus the top 10 states for wind generation.7
- Wind energy displaces the output of the most expensive and least efficient power plants on the grid. As a result, according to a May 2012 report by Synapse Energy Economics, adding more wind energy in the Midwest will save the typical homeowner in the region between $65 and $200 a year.
- Utilities like wind because it “acts as a hedge against future volatility of natural gas prices.”4 And it offers a long-term contract – utilities can “lock in a price for 25 years,”5 as a fixed-rate home mortgage does versus adjustable rates.
- According to Lazard, one of the world's preeminent financial advisory and asset management firms, renewable energy is already cost competitive with conventional energy resources in many markets. (Lazard Levelized Cost of Energy V 6.0)