New York Plans To Increase Renewable Energy Dependence With Off-Shore Wind Farm

New York has announced an effort a wind farm off the coast of Long Island, Bloomberg reported. The Energy Research and Development Authority of New York is bidding for a federal lease for an 81,000-acre site in the Atlantic Ocean. The state will in turn auction off the development rights to the highest bidder.

The state has pledged to get half of its power from renewable energy by 2030. The wind farm would be able to generate 900 megawatts, rivaling a nuclear plant. There is huge risk for developers to take on such a large-scale project. To combat these negative assumptions, New York has committed to complete the initial planning and developing of the site and guaranteeing a buyer for the power to reduce the risk associated with the project.

Wind energy in the ocean is one of the most expensive sources of power in the world. Globally, the technology has thrived but has lagged significantly in the US as companies were averse to the costs associated with offshore projects. If New York's efforts in securing the lease and initial planning are successful, off-shore wind energy will become a feasible energy source for the United States.