A recent patent granted by the U.S. Patent and Trademark Office could help levelize the cost of wind power, relative to other generating sources, such as coal and natural gas, says David Freund, president of Jupiter Renewables and the patent's inventor.
The patent goes by the name of Guaranteed Windpower.
‘This system has the flexibility to decrease the energy rate for most wind farm financings. This innovation is the result of persistence and focus on the goal of lowering the cost of renewable energy,’ Freund says.Â
The system is most effective when used with public power companies and other municipal utilities, Freund claims, adding that the system can reduce the wholesale cost to below the levelized cost of coal-and natural-gas produced electricity. He says the financing can reduce rate up to 25% as compared with a conventional financing.Â
Freund is hoping Guaranteed Windpower can help public and municipally owned utilities, such as Austin Energy. In November, Austin energy released its affordability benchmarking study comparing renewable energy prices in different cities. It did not compare renewable energy prices with traditional power. In order to meet the aggressive goal, Austin Energy needs to add an additional 765 MW, according to its most recent resource generation plan.Â Â
‘One of the ways that Austin can reach this goal, while maintaining affordability,’ the inventor claims, is by using Guaranteed Windpower.’Â
Freund says his product combines the best of public power, such as tax exempt debt in the form of prepayment, with the best of the private sector, which has access to federal tax incentives.Â
SOURCE: Jupiter Renewables