Wind Energy Lowers Electricity Prices
Wind power holds consumers’ energy costs down by reducing both wholesale and retail electricity prices. However, competitors in the energy supply market challenge this fact. To back it up, independent experts conducted power system analyses of Texas, New York, and the U.S. Mid-Atlantic and Midwest regions – all areas where energy prices dropped after wind entered the market.
New York: Wind boosts the N.Y. economy
Adding renewable energy – primarily wind – to New York state’s electricity grid lowered electricity prices by more than $1.60 per megawatt hour (MWh) in 2009. Moreover, adding wind energy to the mix added $23 per MWh of value through investments in the local economy.
Texas: Wind energy saves up to $15 per MWh
According to a 2009 report, significant increases in the supply of wind energy from 2009 levels would cut the cost per MWh in electricity rates by up to $15.
U.S. Mid-Atlantic: Wind power lowers total consumer electricity costs
Increasing the supply of wind energy by an extra 15,000 MW lowers electricity prices for Mid-Atlantic ratepayers by $4-$4.5 billion annually, according to a 2009 study.
Midwest: Wind energy benefits outweigh investment cost
The economic benefits of wind energy far outweigh the costs of updating the Midwest electricity market to accommodate wind energy, according to a May 2012 report. In addition to the benefits to local economies, wind saves Midwestern rate payers $63 to $147 per year.