First invented in 1887, this type of renewable energy is generated by the kinetic energy of wind being converted into electrical energy by wind turbines. Although it has been around for a while, wind energy has gained significant attention in recent years due to its potential to reduce reliance on fossil fuels and mitigate climate change. By installing wind turbines on their property, homeowners can contribute to reducing greenhouse gas emissions and lowering their electricity bills over time. In fact, according to the U.S. Department of Energy, a single large wind turbine can generate enough electricity to power approximately 1,400 average American homes for an entire year.
Although this source was previously very expensive, due to advancements in technology, the expansion of the market for renewable energy, and increased competition among wind energy providers, the cost has been reduced greatly. Additionally, many governments offer financial incentives, such as tax credits, rebates, and feed-in tariffs, to encourage the adoption of renewable energy technologies, including wind power.
The cost of a residential wind turbine depends on a variety of factors like size, kilowatt capacity, location, installation, zoning and permitting. Small rooftop turbines may cost up to $7,000, while free-standing 100 kW turbines can cost around $80,000. After installation, though, wind energy costs 3-5 cents USD per kWh. For reference, the average family uses 12,000 kWh annually, meaning that after installation, it would cost the average family $360-$600 to power their homes for a year. Additionally, financial incentives are available in the form of investment tax credits. Additionally, as hinted at before, states and local governments also offer residential property assessed clean energy (PACE) models as a means to finance renewable energy home improvements.