The Iowa Farmer Wind has enabled nearby communities to lower their electricity costs as the turbines generate enough electricity for the towns of Greenfield and Fontanelle as well as surrounding communities in the local area.
In addition, the communities benefit from the sale of the project’s Renewable Energy Certificates (RECs) along with project tax credits, land lease royalty payments, property taxes, and dividends totaling $1.08 million annually over a period of 10 years.
All of the financial benefits, in addition to the shareholders’ annual dividends, go back to the community, underscoring one of the critical advantages of the project for the area.
Renewable energy in Iowa
Iowa is United States’ second largest producer of wind energy with 4 495 MW of installed generating capacity. At the end of 2012, Iowa had 5 100 MW of wind power—nearly 10 percent of US wind power capacity. According to the American Wind Energy Association, the wind industry as a whole supports an estimated 75 000 jobs of which 6 000 are located in Iowa.