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In addition to environmental benefits, the wind energy initiative is a catalyst for economic growth in Virginia Beach and the broader region.
It supports local industries by creating jobs and utilizes the Port of Virginia, which has become the first East Coast port to be entirely powered by renewable energy.
The project underscores Virginia Beach’s commitment to renewable energy and its role in promoting a sustainable and economically vibrant future.
Renewable Energy Initiatives in Virginia Beach
Virginia Beach’s commitment to renewable energy is characterized by significant investments in both offshore wind and solar energy developments.
Offshore Wind Energy Projects
In Virginia Beach, the Coastal Virginia Offshore Wind (CVOW) project by Dominion Energy stands as a beacon of progress in the wind energy sector. Upon completion in 2026, this initiative is expected to generate up to 8.8 million megawatts annually.
This energy suffices to power approximately 660,000 homes in Virginia, simultaneously avoiding around 5 million tons of carbon dioxide emissions each year.
Solar Energy Development
Solar energy is on the rise as part of Virginia’s diverse clean energy portfolio, with the state setting ambitious targets to boost renewable energy usage. By 2030, 30% of Virginia’s electric system is poised to be powered by renewable resources.
Virginia Energy categorizes solar power as a key component of Clean Energy and is actively encouraging development to achieve a carbon-free electricity production by 2050. These initiatives are backed by renewable energy incentives to support and expedite the transition to a sustainable energy future.
Solar energy is taking center stage, and leading the charge is SolarPanelsVirginiaBeach. With a commitment to sustainable development, they are at the forefront of transforming the city’s energy landscape.
Job Creation and Economic Growth
The Coastal Virginia Offshore Wind project (CVOW) by Dominion Energy is expected to be a significant economic driver.
It’s projected to provide approximately $57 million in pay and benefits over the span of seven years, alongside $143 million in economic output. This endeavor stands to generate an estimated $5 million in state and local tax revenue.
Additionally, the development of offshore wind energy is anticipated to power over 900,000 homes with approximately 2,600 megawatts of clean energy, further signaling Virginia Beach’s commitment to green energy advancements and the positive ripple effect on its local economy.