Financial Benefits

The wind turbine at Winter Island will produce a new revenue stream for the City. The City will sell the power produced by the wind turbine to the regional electric grid. In addition, the City can sell Renewable Energy Certificates (RECs) that are associated with the power that is produced. The cost of erecting the turbine will be approximately $4 million, some of which may be offset by state grants. The City estimates that while servicing its loan over a 20-year period, it will still bring in an additional $168,000 in income annually. After the loan is paid off, the wind turbine could bring in an additional $700,000 in income each year.

The Mayor has indicated that some part of this revenue stream could be dedicated to the maintenance of Winter Island Marine Park. The new Winter Island Master Plan is estimated to require $10 million to implement. The wind turbine could help to significantly offset those costs and thus contribute to enhancing historic preservation and recreational opportunities at Winter Island.