$180 Million Initiative to Deploy U.S. Offshore Wind Projects

Offshore wind is an enormous potential energy resource for the United States, with strong, consistent winds located in the Atlantic, Pacific, the Great Lakes and the Gulf of Mexico. America’s offshore wind resources are estimated at more than 4,000 gigawatts. Energy Secretary Steven Chu has announced $180 Mln funding available for an ambitious project to capture the potential of wind energy off American coasts. As part of a planned six-year $180 million initiative, an initial $20 million will be available this year as the first step in supporting up to four innovative offshore wind energy installations across the United States. Energy Department funds may be used to cover up to 80 percent of a project’s design costs and 50 percent of the hardware and installation costs.