American Electric Power Co. is focusing on an Oklahoma Wind Farm that will steer away from the traditional Power Purchase Agreements where the renewables will be owned by the Utility Company itself and the cost of building the farm will be included in the customer energy rates. By owning the farm outright, American Electric Power can include the cost and profit in the rates capitalizing on future renewables on the market.
The farm started construction in 2016 and intends to be operational by 2020. The deal will cost around 4.5 billion and the estimated cost savings by utilizing wind energy will save consumers around 7 billion over the next 25 years while also securing profit margins for the utility company.
Wind and solar energy costs to develop have been decreasing year after year making alternative energy solutions much more enticing.
Solar Energy and Solar Panels