Decision expected to promote expansion of Vermont’s renewable energy industry.
White River Jct., Vt. – National solar energy leader, groSolar today applauded the Vermont Public Service Board’s (PSB) recent decision approving feed-in-tariff (FiT) rates set by the Vermont legislature earlier this year.
“We are pleased at the PSB’s discovery and review on this issue, and believe, as we did when the legislation was created, that this is a good investment for Vermont,” said groSolar CEO Jeff Wolfe.
In May 2009, Vermont became the first state in the nation to enact legislation calling for a system of advanced renewable energy tariffs, which require utilities to purchase electricity generated by renewable sources at a set contract price. Feed-in-tariff policy has been popular in Europe and is credited with creating jobs, strengthening the economy and rapidly deploying renewable resources to develop the renewable energy sector and combat global climate change.
The legislation creating the FiT rates passed at the end of the 2009 legislative session, but the PSB had to determine if the legislative rates were reasonable before they could go into effect.
“The FiT system has proven to be a successful model to build out the renewable energy industry on a local level, and we’re proud that a small state like Vermont is leading the way in implementing this policy in the U.S.,” said Wolfe. “The PSB’s decision creates a critical incentive for clean energy development, and will go a long way to supporting the adoption of solar power in Vermont. We look forward to the PSB showing similar foresight when they release the Standard Offer contract and other items required on September 30.”