Xcel Energy looks to increase US wind energy capacity by 30%
Company has high hopes for wind energy
Xcel Energy, one of the most prominent wind energy organizations in the U.S., has ambitious plans when it comes to expanding the country’s wind capacity. The company has announced plans to significantly increase the production of wind energy in the country in the coming years. The company will also be looking to make wind energy more accessible by reducing customer costs and introducing more protection against the rising prices associated with fossil-fuels.
New projects to boost US wind capacity by 30%
The company expects to increase the overall wind energy capacity in the U.S. by 30%. Xcel Energy will take advantage of the federal Production Tax Credit in order to make this possible. The Production Tax Credit is designed to provide financial support to wind energy projects and their developers. This incentive was initially scheduled to expire at the beginning of this year but was extended by federal lawmakers, allowing wind energy developers to continue receiving the financial support they need to bring their projects into reality.
Projects could lower customer cost by $800 million
Xcel Energy will boost the nation’s capacity through the formation of several new projects that will take place throughout the U.S. The company estimates that these projects will reduce customer costs by no less than $800 million. These projects are also expected to mitigate the financial impact of increasingly expensive fossil-fuels as these projects will help lower the reliance on these fuels. Currently, Xcel Energy is awaiting approval for new wind energy projects that will take place in Minnesota, North Dakota, Texas, and Colorado.
Offshore wind energy has yet to find a strong foothold in the US
Wind energy has managed to become a very prominent form of clean power in the U.S. Most of the country’s wind capacity is currently found on land, but there are some offshore projects that are beginning to take form near the East Coast. Offshore wind energy is gaining more attention for its ability to produce more electrical power than wind systems found on land, but offshore systems face significantly more challenges that have limited the support they receive.