A new report from Michigan Public Service Commission says that the cost of renewable energy is now less than coal in the state, in part due to Michigan’s Renewable Energy Standard.
The report says the RES has helped Michigan’s economy by generating $100 million in investments from 2008 to 2011 and spurred manufacturing and business growth.
The report says that all renewable energy sources in Michigan cost significantly less than coal per megawatt/hour, with renewables costing an average of $91.19/MWh, lower than the $133/MWh for a new coal plant. According to the report, Michigan is on track to meet the current RES of 10 percent by 2015. However, only around 3.6 percent of Michigan’s electricity currently comes from renewables.
Earlier this month, the Energy Innovation Business Council released a study showing Michigan’s advanced energy manufacturing sector – solar, wind, advanced energy storage and batteries, and biomass – generates $5 billion a year in economic activity and supports 20,500 jobs a year.
Read the full report from MPSC here.
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