Wind energy prospecting: socio-economic value of a new wind resource assessment technique based on a NASA Earth science dataset

Wind energy is amongst the fastest growing sources of renewable energy in the U.S. and could supply up to 20 % of the U.S power production by 2030. An accurate and reliable wind resource assessment for prospective wind farm sites is a challenging task, yet is crucial for evaluating the long-term profitability and feasibility of a potential development. We have developed an accurate and computationally efficient wind resource assessment technique for prospective wind farm sites, which incorporates innovative statistical techniques and the new NASA Earth science dataset MERRA. This technique produces a wind resource estimate that is more accurate than that obtained by the wind energy industry's standard technique, while providing a reliable quantification of its uncertainty. The focus now is on evaluating the socio-economic value of this new technique upon using the industry's standard technique. Would it yield lower financing costs? Could it result in lower electricity prices? Are there further down-the-line positive consequences, e.g. job creation, time saved, greenhouse gas decrease? Ultimately, we expect our results will inform efforts to refine and disseminate the new technique to support the development of the U.S. renewable energy infrastructure. In order to address the above questions, we are carrying out a cost-benefit analysis based on the net present worth of the technique. We will describe this approach, including the cash-flow process of wind farm financing, how the wind resource assessment factors in, and will present current results for various hypothetical candidate wind farm sites.