Clean energy storage is the key to saving Illinois consumers up to $30 per month, preventing costly blackouts, creating billions of dollars in economic impact, and maintaining Illinois’ energy independence.
That’s according to a new study by Mark Pruitt, former director of the Illinois Power Agency, a professor at Northwestern University, and principal of The Power Bureau. The study found that adding at least 8.5 GW of clean energy storage in Illinois will create $3 billion in direct consumer savings, mitigate over $7 billion in blackout-related costs, and fuel an economic boom of up to $16 billion. Not only that, but clean energy storage would also eliminate 50 million tons of energy emissions, equivalent to taking about 10.8 million cars off the road for a year.
Illinois has two choices as the state continues to retire harmful non-renewable energy sources, and as energy needs continue to increase due to high-energy industries such as data centers and heightened consumer usage.
We can replace that capacity with in-state clean energy storage and reap the benefits.
Investments in clean energy storage will help Illinois avoid a projected energy capacity shortfall of at least 9.4 GW, the study found. Otherwise, bridging that gap would mean importing immense amounts of power from out-of-state generators — a decision that would raise consumer costs and threaten to destabilize the power grid.
“Renewable energy storage is a key component to ensure grid reliability and reach clean energy targets,” Pruitt said. “Without a legislative solution soon, the regional power grids that serve Illinois are projected to experience capacity shortages and increase costs for consumers, who could see electricity bills rise as much as $30 per month without adequate storage.”
Illinois consumers are already seeing increased costs due to the state’s current energy outlook. Millions of households in northern Illinois who are served by PJM Interconnection are likely to soon start paying $30 more per month on their energy bills. That is because energy prices skyrocketed by more than 800% in the recent PJM capacity auction – an annual event in which energy costs are set based on expected future energy capacity needs.
The message from that auction was clear: we need more investments in clean energy to make sure Illinois consumers can avoid future increases. This is consistent with findings from federal, regional, and state regulators who have cautioned that Illinois has a negative capacity outlook if business-as-usual continues.
Fortunately, some state legislators are heeding the warning signs and working with clean energy industry experts to discuss solutions. Rep. Barbara Hernandez of Aurora and Sen. Bill Cunningham of Chicago are leading the way with the newly proposed HB5856/SB3959 that will create new storage targets.
This bill would help Illinois save consumers money, welcome future business investments, create new jobs all around the state, meet the ever-growing energy needs of consumers and businesses, prevent blackouts, and ensure we meet the important climate goals established by the landmark Climate and Equitable Jobs Act (CEJA).
Want to learn more about how Clean Energy Storage can help? Read the full study here.
Cover Photo | National Renewable Energy Laboratory | https://www.energy.gov/eere/solar/solar-integration-solar-energy-and-storage-basics
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