MCCOOL JUNCTION, Nebraska, May 26 (TNSreact) -- EDF Renewables, a renewable energy developer, issued the following news release:
According to a new University of Nebraska-Lincoln study, the K-Junction Solar Project would represent a substantial long-term investment in York County and the surrounding region. The project will also generate $781,000 for the McCool Junction School District per year, equivalent to nearly 18% of the district's annual expenses.
The study, which was conducted by The University of Nebraska's Bureau of Business Research, alongside a separate county tax revenue assessment, can be found here. Once completed and in operation, the K-Junction Solar Project would funnel more than $1 million per year directly into the community, generating more than $43 million in property taxes to York County over the life of the project.
According to Dr. Eric Thompson, Professor of Economics and Director of the Bureau of Business Research at the University of Nebraska, "The study found that the K-Junction Solar Project will bring new job opportunities for workers and new sales opportunities for businesses in the York County region both during construction and during annual operations."
The proposed project is located on leased land primarily in McCool Junction, in York County. The project is estimated to generate enough power for nearly 60,000 homes1.
New tax revenues
In addition to new jobs and income, the study found K-Junction Solar would be a significant source of new tax revenue for the county. The project would generate estimated property tax revenues of more than $1.24 million each year of the project, going directly to York County, local towns, natural resource districts and local school and fire districts. This includes more than $27 million in tax revenue to the McCool Junction school district over the life of the project. According to the Solar Energy Industries Association, solar energy projects in Nebraska invested nearly $108 million in state - crucial funds that are used to support schools, improve roads and bridges, and fund emergency services.
"York County farmers and their families will earn drought-proof and flood-proof lease payments, while the tax payments will benefit everyone in McCool Junction and York County," said Pervez Agwan, Project Developer at EDF Renewables. "Bolstering the economy and investing in the community with a new crop will provide substantial new resources for this area."
EDF Renewables is a leading independent power producer and service provider with 35 years of expertise. The Company delivers grid-scale wind, solar, and storage projects along with distribution-scale projects, and onsite solutions for commercial and industrial customers. EDF Renewables' North America portfolio consists of 24 gigawatts (GW) of developed projects and 13 GW under service contracts. EDF Renewables owns and operates several other wind projects in the area.
1/ According to U.S. Energy Information Administration (EIA) 2020 Residential Average Monthly Bill by Census Division and State.