Rhode Island increases existing renewable energy target to 40 percent by 2035
Rhode Island’s legislature recently committed to an extended and increased target for the production of renewable energy, increasing targets originally set in 2004 by nearly 300 percent.
Building on an original Renewable Energy Standard (RES) that targeted three percent renewable energy by 2007, followed by an increase of 1.5 percent in each subsequent year until 2020, the updated RES includes a goal of 40 percent renewable energy by 2035, which will enable the state to offer lower-cost, cleaner sources of energy to businesses and residents.
“With a turn of the governor’s pen, Rhode Island can join a leading cohort of states raising their renewable energy targets in order to keep the air clean and cut costs,” Tom Kiernan, CEO of the American Wind Energy Association, said. “States with the best policies are going to attract the most business. By raising its Renewable Energy Standard, Rhode Island is sending the signal that it’s open for business to renewable energy developers who will invest billions of dollars into the state economy.”
Once Rhode Island Gov. Gina Raimondo signs the new law into effect, Rhode Island will join such states as California, Vermont, Oregon and Hawaii in raising its renewable energy targets.
The Wind Energy Foundation anticipates up to $240 million in electricity bill savings for Rhode Island homeowners and business owners by 2050, as well as $744 million in savings through lower gas prices.
