Just like the on the East Coast, developing this new ocean energy resource out West could create thousands of jobs and new manufacturing opportunities, and now a new study by Energy + Environmental Economics (E3) finds offshore wind could save Californians money as well. The report, The Economic Value of Offshore Wind Power in California, evaluates the economic opportunity of offshore wind in California, and found that building 7 to 9 gigawatts (GW) of floating offshore wind off the coast of California could save ratepayers up to $2 billion on a net present value basis by 2040.
California has some of the country’s most ambitious clean energy goals, making it a large potential market for offshore wind. The state recently committed to powering 60 percent of its electricity from renewable energy by 2030 and 100 percent from zero-emission energy sources by 2045.
Offshore wind can help California achieve its climate goals because it can deliver power directly to coastal load centers; the projects can be larger than land-based renewable energy installations; and offshore wind generates more energy in evening hours after the sun goes down.