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Thanks to the IRA, installing a wind turbine has never made more sense. New incentives offer staggering financial returns for agricultural producers.
November 27, 2023
Last year, Congress enacted the Inflation Reduction Act (IRA) to transform the way America produces and consumes energy. The key objectives of the IRA are to lower energy costs, to increase clean energy production, and to reduce carbon emissions.
For agricultural producers, the IRA is granting a once-in-a-lifetime opportunity: investing in a wind turbine with up to 85% of the wind turbine total project costs funded by federal incentives! The IRA implemented two subsidies: the Investment Tax Credit, which ranges from 30% to 50% of the total project cost, depending on the location of the project; and the USDA REAP grant which offers grants up to $1 million per project.
The benefits of wind energy
By installing a wind turbine on your land, you can produce your own electricity and replace some or all of the electricity you currently purchase from your electric utility, thereby reducing your dependency on the grid. It’s a great investment too, with paybacks ranging from 3 to 5 years (wind turbine design lifetime is 20 years). In addition to that, you will produce your own clean electricity, meaning you will reduce your greenhouse gas emissions. As opposed to solar PV, a 1MW wind only uses a small surface area, typically 500 sq. ft, and can produce up to 3,000,000 kWh of clean electricity per year. You can still use your land for your farming activities!
Rural Elec. County Cooperative, Rural IL. Photo submitted by EWT-Americas Inc
EWT: a pioneer in distributed wind for agriculture
EWT is a Dutch wind turbine manufacturer with more than 10 years of operations in the USA. All of our turbines in the USA are installed in rural areas and have been running smoothly throughout the years.
EWT manufactures 1MW direct drive wind turbines, robust and performing wind turbines, backed by long-term service agreements with several performance guarantees. EWT has manufactured and installed more than 700 wind turbines around the world and is the leading distributed wind company with an extensive track record of working with farmers, in Europe and the US.
How it works
The process to acquire an EWT turbine is quite simple:
EWT will perform a site suitability assessment free of charge to determine the potential of your site and calculate the expected financial return of the asset based on your power consumption and electric rates. Note that because of its high energy production, the EWT wind turbine is best suited for those with an electric bill of at least $10,000/month.
Once the potential is validated, we will work with our industry partners to manage the complete development and construction of the turbine so it is entirely taken care of for you.
If you don’t want to invest yourself in the wind turbine, we can introduce you to financial partners who will offer you a power purchase agreement so that you can buy the electricity produced by the turbine at a preferential rate.
There has never been a better time to invest in renewable energy; seize this opportunity now!
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