U.S. Virgin Islands adopts long-term standard contracts for renewable energy

Source: Solar Server

The governor of the U.S. Virgin Islands has signed into a law a bill to provide long-term, standard contracts for up to 15 MW of renewable energy generation. The policy is called a feed-in tariff, however unlike standard feed-in tariffs it will not pay generators a fixed rate.

The rate will be based on a discount to the “avoided cost” paid by the USVI’s Water and Power Authority, which the bill’s author estimates will be around USD 0.26 per kWh, under 10–30 year contracts. Retail electric rates in USVI currently average over USD 0.50 per kWh.

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