“In addition to solar, storage and nuclear, offshore wind is a key component of our strategy and a game changer for the Hampton Roads economy,” says Robert M. All of the project’s costs are subject to approval by the State Corporation Commission, which will also consider the applicable tax credits of more than $1 billion and expected fuel costs savings of more than $3 billion for the project’s first ten years. Over this time, the net average cost of the project to a typical residential customer is estimated at approximately $4 per month, though this figure will initially be less and will vary from year-to-year. Customer costs will be reduced by applicable federal tax credits and offshore wind will have no fuel costs over the life of the project. The project represents an investment of $9.8 billion. During operation, the CVOW commercial project could result in 1,100 jobs, generate $11 million per year in local and state tax revenue and almost $210 million in economic benefits annually. According to a study performed by Virginia-based Mangum Economics and commissioned by the Hampton Roads Alliance, the CVOW commercial project could create approximately 900 jobs, generate $5 million per year in local and state tax revenue and $143 million in economic benefits annually during construction. flagged offshore wind turbine installation vessel.Įconomic benefits from offshore wind will continue to grow. The filing keeps the project on schedule and builds on recent economic development announcements, such as the Siemens Gamesa Renewable Energy turbine blade factory at the Portsmouth Marine Terminal and Dominion Energy’s investment in the only U.S. Dominion Energy has filed plans with the Virginia State Corporation Commission for approval to construct the 2.6 GW Coastal Virginia Offshore Wind (CVOW) commercial project, which will generate enough energy to power up to 660,000 homes.

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