Myth: Cape Wind would reduce consumer costs. Fact: There is no savings to the ratepayer and, in fact, the power will be far more costly.
Significant adverse economic impacts
Cape Wind would result in a high net cost to the public due to duplicative subsidies and tax credits, increased electric costs, and negative impacts to tourism, jobs, and property values. The project would impose billions of dollars in additional electricity costs for businesses, households, and municipalities throughout Massachusetts. Scores of commercial fishermen, who earn the majority of their income in the area of the proposed site, believe this project would displace commercial fishing and permanently threaten their livelihoods. A decline in tourism would lead to the loss of up to 2,500 jobs according to the Beacon Hill Institute at Suffolk University. Property values would also decline by $1.35 billion.
National Grid's now canceled contract with Cape Wind called for a starting energy price of 18.7 cents per kilowatt hour, with a 3.5% yearly increase for 15 years. This contract was approximately 230% over the current market price of electricity, which is about 8.1 cents per kilowatt hour. Cape Wind's cost is more than double that of land-based wind power from Maine and elsewhere. The total costs associated with this contract amount to a $4 billion dollar energy tax above market price. This will be harmful to businesses and cities and towns across the state, who will have to cut jobs in order to pay for the extra costs in their energy bills. A typical suburban hospital will pay $30,000 extra for Cape Wind if they are a National Grid customer. Fuel prices are not expected to rise to the level of Cape Wind in the near future. By the end of the life of the contract, Cape Wind's power costs will be around 33 cents per kilowatt hour.
Cost-Based Opposition to Cape Wind New England Ratepayers Association mailed this informational postcard to 30,000 homes in MA: Link "Don't let middle class taxpayers foot the bill for a risky, expensive, and unnecessary project."
AIM (Associated Industries of MA) & MACP (MA Competitive Partnership) placed full-page ds
Click here to check out the May 22nd advertisement that ran in the Cape Cod Times, Boston Globe, Boston Herald. "Cape Wind makes MA less competitive. And it makes even less sense."
Link to the June 13th ad that ran in DC papers: Politico, The Hill, Roll Call. "Some Facts About The Cape Wind Project You May Not Know"