TITLE

Economic Impact of Wind Energy Development in Illinois

AUTHOR(S)
Loomis, David G.; Hayden, Jared; Noll, Sarah; Payne, James E.
PUB. DATE
June 2016
SOURCE
Journal of Business Valuation & Economic Loss Analysis;Jun2016, Vol. 11 Issue 1, p3
SOURCE TYPE
Academic Journal
DOC. TYPE
Article
ABSTRACT
A number of factors have contributed to the rapid growth of wind power capacity in Illinois from 50 MW in 2003 to 3,334.91 MW in 2012, including: federal and state policies, energy security, energy costs, environmental benefits, economic development opportunities, and state-specific factors. One key policy driver in Illinois was the passage of the Illinois Power Agency Act in 2007, which included a renewable portfolio standard of 25 % by 2025, 75 % of the renewable energy resources employed to meet the renewable portfolio standard were designated to wind energy. This study analyzes the economic impacts from the 23 wind projects in Illinois that exceed 50 MW of capacity. These wind projects account for 3,334.91 MW or 99 % of the state's wind energy generating capacity. Using the JEDI input-output model, the 23 largest wind farms in Illinois created approximately 19,047 full-time equivalent jobs during construction periods with a total payroll of over $1.1 billion. In addition, approximately 814 permanent jobs in rural Illinois areas with a total annual payroll of nearly $48 million are supported. Furthermore, wind farms generated roughly $28.5 million in annual property taxes for local economies as well as $13 million annually in extra income for Illinois landowners who lease their land to wind farm developers. The lifetime total economic benefit of the 23 wind farm projects is estimated at $5.98 billion.
ACCESSION #
112999594

 

Related Articles

  • Report: PTC uncertainty threatens wind's benefits to Illinois economy.  // Wind Energy Weekly;7/20/2012, Vol. 29 Issue 1492, p1 

    The article focuses on the study by director David Loomis which reveals that the expiration of the federal wind energy Production Tax Credit (PTC) is threatening the jobs and economic development of Illinois. Loomis says that the knowledge of decision-makers on the impact of wind energy projects...

  • ENERGY'S WIND OF CHANGE. Madsen, Birger T. // UNESCO Courier;Mar2000, Vol. 53 Issue 3, p9 

    Focuses on the development of wind energy as an environmentally sound and cost-effective option for power generation. Principles of wind energy; Developments in wind energy; Installation of commercial wind farms; Economic aspects of using wind energy.

  • Randy Swisher: A Force for Wind. Motavalli, Jim // E: The Environmental Magazine;Jan/Feb2005, Vol. 16 Issue 1, p32 

    Interviews Randy Swisher, executive director of the American Wind Energy Association, regarding wind power. Economics of wind energy; Importance of production tax credit in wind power development; Comparison of the productivity of offshore wind and onshore wind.

  • Wind farm agreement signed.  // Northern Ontario Business;Mar2004, Vol. 24 Issue 5, p40 

    Reports on Ventus Energy's agreement to explore the development potential of a wind farm along the north shore of Lake Superior, at the site location on the Pays Plat First Nation reserve. Assessment of wind resources, environmental impact, cost and local implications; Chief Raymond Goodchild's...

  • Global Wind Energy Market, Industry and Economic Impacts. de Oliveira, Wagner Sousa; Fernandes, Antonio Jorge // Energy & Environment Research;Jun2012, Vol. 2 Issue 1, p79 

    This paper presents the global status of wind energy in order to establish a context for understanding the contemporary wind energy industry. It is discussed wind resources worldwide with the global wind distribution and mains concerns and how wind resources worldwide are spread globally. The...

  • Illinois is losing clean energy businesses and jobs of the future. Learner, Howard A. // Crain's Chicago Business;12/5/2005, Vol. 28 Issue 49, p24 

    The article focuses on the decline of the wind power energy sector in Illinois. Neighboring Midwest states are gaining the new manufacturing and development jobs and businesses. Wind power is the fastest-growing energy source of the world. The key is strong policy support for market development....

  • Wind and Wildlife in the Northern Great Plains: Identifying Low-Impact Areas for Wind Development. Fargione, Joseph; Kiesecker, Joseph; Slaats, M. Jan; Olimb, Sarah // PLoS ONE;Jul2012, Vol. 7 Issue 7, p1 

    Wind energy offers the potential to reduce carbon emissions while increasing energy independence and bolstering economic development. However, wind energy has a larger land footprint per Gigawatt (GW) than most other forms of energy production and has known and predicted adverse effects on...

  • LIKE THE WIND. Petersen, Chris // U.S. Business Review;Jun/Jul2009, Vol. 9 Issue 12, p80 

    The article profiles Invernergy LLC, a Chicago, Illinois based developer of wind energy projects. Invernergy, which was founded by its president and chief executive officer (CEO) Michael Polsky, focuses on the development of renewable energy regeneration assets in North America and Europe. The...

  • PROGRESS OF WIND ENERGY TECHNOLOGY. Özerdem, Barış // Journal of Trends in the Development of Machinery & Associated T;2013, Vol. 17 Issue 1, p1 

    This paper provides an overview of the progress of wind energy technology, along with the current status of wind power worldwide. Over the period of 2000-2012 grid-connected installed wind power has increased by a factor of more than 16. Due to the fast growth in wind market, wind turbine...

Share

Read the Article

Courtesy of THE LIBRARY OF VIRGINIA

Sorry, but this item is not currently available from your library.

Try another library?
Sign out of this library

Other Topics