Ludlow, VT – A new analysis by Synapse Energy Economics, Inc. shows the 20-megawatt, emissions-free Coolidge Solar Project in Ludlow would make substantial contributions to Vermont’s economic, environmental and energy goals.
“We are working closely with community leaders in Ludlow to ensure that this project is one of the very best-sited solar projects in Vermont. That work includes quantifying the project’s economic, environmental and energy advantages for the community, the state and the region,” said Adam Cohen, President of Ranger Solar. “This analysis confirms the benefits of this wellsited solar project are very significant without any upgrades required to the electrical transmission system.”
Most notably, the analysis shows the project would create an estimated 245 job-years, more than $15 million in labor income and add more than $25 million to the state’s GDP over its first 20 years of operation.
In addition, the project is expected to generate about $3 million in property tax revenue for the state and local community over the life of the project. The Ludlow Selectboard is also considering a payment in lieu of taxes and contributions to the town’s enterprise fund to further the project’s benefits to the community.
Cohen noted the project would produce clean, renewable power at rates that are well below what Vermont utilities currently charge ratepayers, saving Vermont ratepayers an estimated $4.5 million dollars according to the most recent Synapse report.
“The project will produce affordable, long term, stably priced power at costs that are lower than what Vermont utilities are currently charging for renewable power,” Cohen continued. “This demonstrates that Vermont can continue to transition to a clean energy economy with power produced at more economically competitive rates. That’s great for ratepayers and the state’s overall economy.”
The analysis also concludes that the Coolidge Solar Project will help Vermont and the region meet the growing need for new renewable energy supply and result in substantial reductions in greenhouse gas emissions as it displaces power produced from oil or natural gas.
The full analysis – including the need, economic benefits, cost impacts and environmental benefits -- is attached to this email.
ABOUT RANGER SOLAR
Ranger Solar is a solar energy company that develops utility-scale projects in New England. Led by an experienced renewable energy team and veteran environmental specialists, the company is committed to working closely with landowners and communities to bring new investment and clean energy to the region.
ABOUT SOLAR ENERGY
Solar provides an unlimited and free source of fuel making it a secure long-term component of our nation’s energy mix. The sun provides a predictable energy supply without the price volatility associated with fossil fuels. In fact, solar is Vermont’s most abundant fuel source-- that’s why solar is one of the fastest growing energy sectors in the northeast. The New England region has sufficient solar energy available to power more than 4 million American homes. The cost of solar energy has dropped about 76 percent since 2006.