Wind energy in the Midwestern U.S. could save consumers billions in energy costsMay 27, 2012
Study suggests that major savings can come from adopting wind energy
A new study from Synapse Energy Economics, a research and consulting firm that specializes in energy and economic concepts, shows that wind energy could bring powerful financial benefits to the Midwestern U.S. The country’s interest in wind energy has been growing at a rapid pace recently, partly due to the government’s adoption of an expansive and ambitious energy plan. Focus has been drawn to how wind can be used as a source of residential power, a concept that Synapse believes could yield savings for consumers.
Synapse Energy Economics touts the financial aspects of alternative energy
According to the study, wind energy being supplied to the electric grid of the Midwestern U.S. could save consumers in this region up to $9.5 billion annually by 2020. Part of these savings would come from the fact that wind turbines generate electricity at no cost, allowing this electricity to be sold at low prices. This low-cost energy could serve to reduce the wholesale market price of electricity by over 25%, according to Synapse. The study indicates that individual consumers stand to save between $65 and $200 each year on their energy bills because of wind energy.
Wind energy industry needs further development to reach its goals
The study notes that the wind energy industry still requires a great deal of work if it is to meet these economic expectations. Synapse claims that new technology must be developed to make wind turbines more viable and that investments in energy transmission and storage technology must also increase. Investments in the research and development are often considered to be costly, which has lead many investors to shy away from the field of alternative energy. According to Synapse, the costs of these investments pale in comparison to the profits that could come from wind energy.
Support from the government expected to come soon
Wind energy continues to be a focus for the U.S. and is expected to garner more support from the federal government as lawmakers begin to revise the country’s energy plan. For now, wind energy will remain a relatively small industry, but it is poised for rapid growth if it receives the support it needs.