Winds of Prosperity: The Substantial Economic Benefits and Consumer Savings from Wind Power and CREZ Transmission Plan
The typical Texas residential consumer is expected to potentially save $160 to $355 annually in electricity bills, once new transmission lines
are completed to deliver wind power throughout the state, according to a study released today from The Perryman Group. Investment in new wind turbines and the Competitive Renewable Energy Zone (CREZ) transmission lines will help power the State of Texas with this renewable energy source.
In addition, the combined investment in new wind turbines and these transmission lines will create $30 billion in economic gains, employ thousands and bring in almost $2 billion in additional state and local taxes. Also, Texas’ CREZ investment is expected to help the state annually conserve approximately 17 billion gallons of water, reduce carbon dioxide emissions by as much as16 percent and reduce nitrogen oxide emissions by up to 13 percent.
The Perryman Group found sizable positive economic impacts of the CREZ transmission investment on business activity that were related to:
- Construction and development of the new transmission infrastructure and the wind turbines required to achieve the newly expanded capacity;
- Ongoing maintenance of the transmission facilities and wind turbines, royalty payments to landowners, and cost savings stemming from improved fuel diversity; and
- Potential economic development benefits associated with solidifying Texas’ position at the forefront of renewable energy.