Significant New Revenue
The CPV Valley Energy Center will represent a long-term source of additional revenue for town government and the local school district through a PILOT (Payment in Lieu of Taxes) agreement. During its first two decades of operation, the project is estimated to provide in excess of $45 million in additional revenue that can be used to help reduce tax burdens, provide funding for infrastructure maintenance, support local recreation and civic programs and much more.
Significant Local Economic Activity
In addition to the increased local revenue, the project will also provide a significant boost for the local economy with the creation of well-paying jobs both in the short-term, during construction, and long-term, with employment opportunities to operate the facility once completed. It’s expected that approximately 895 construction jobs will be created at the peak of construction, and about 23 direct full-time employees during operation.
Local merchants and other businesses will benefit from the increased economic activity resulting from the new jobs created in the area. This new income is spent in the local economy because of CPV’s corporate philosophy to purchase local material, to the greatest extent possible, as just one of the ways of supporting the host community.
Regional Environmental Benefits
- Global warming is one of the greatest challenges of the 21st century. Combined-cycle natural gas plants have been identified as a critical part of the solution.
- Princeton researchers identify the displacement of coal-fired generation with natural gas as a means of reducing CO2 emissions by one billion metric tons per year. (Robert H. Socolow, Steven W. Pacala, Princeton University, [updated report]; Oak Ridge National Laboratory).
- Even though the Clean Power Plan is in limbo, it’s probably helpful to show that Obama and the EPA depend on natural gas expanding to reduce emissions. It shows that natural gas has support from both sides of the aisle.