MidAmerican Energy plans to add 656 new wind turbines in Iowa by the end of 2015.
A statement from the company said they expect to generate more than one-third of their retail power through wind generation by January 2016. The expansion will happen at no net cost to MidAmerican customers. Instead, it’s expected to help stabilize long-term rates and reduce future rates by more than $10 million per year by 2017.
The rate cut is expected to translate into a one-percent reduction in your MidAmerican electric bill when the new turbines are up and running.
In addition to added property tax revenue and reduced rates, Iowa Lt. Governor Kim Reynolds said the expansion is expected to add about 460 temporary construction jobs and 48 permanent jobs.
MidAmerican will qualify for federal wind production tax credits by starting the project in 2013. There are no state or local tax breaks being offered for the project.