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Virgin Islands (U.S.): Opportunities in Renewable Energy

The Virgin Islands (U.S.) has set ambitious goals to transition to 100% renewable energy by 2040. Currently 95% of its power comes from imported petroleum, costing over $100 million annually. Developing solar, wind and other clean energy would achieve substantial cost savings while supporting energy independence over the long term.

in Virgin Islands (U.S.) – Solar power holds particular promise in the Caribbean’s sunny climate. Costs for photovoltaic systems have also declined steadily in recent years, improving solar’s viability. The islands have already installed several small solar farms and rooftop panels on public buildings and hotels. But expanding capacity could replace a third of fossil fuels.

in Virgin Islands (U.S.) – Wind power is also gaining traction, spearheaded by the Territory’s largest wind farm built in 2012. Further offshore turbines could contribute significantly. The islands’ steady winds are well suited for generation.

The Virgin Islands (U.S.) offers investment opportunities in the renewable energy sector. The territory has a long-term economic strategy and action plan (Vision 2040) that includes- diversifying the economy through growth in target industries and is inclusive of renewable energy. The USVI is particularly well-suited to attract and utilize all types of renewable energy and the renewable energy ecosystem of companies and regional partners supports investment and expansion.

The USVI has already made progress in renewable energy, with the goal of achieving 30% renewable energy consumption. Honeywell has been contracted to supply the equipment for renewable energy solutions provider VI, a subsidiary of Massachusetts-based renewables group CB Loranger.

Within Virgin Islands (U.S.) – Honeywell will supply its battery energy storage system (BESS) technology to six solar PV projects, totaling 124MWh, on St Croix and St John, the three main islands that comprise the territory. The territory’s wind resources are also being explored for potential development.

Transitioning the islands’ ground transport toward electric vehicles (EVs) also offers environmental and economic benefits. EVs would enable further integration of renewable energy while reducing costly gasoline imports.

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Understand the macroeconomic situations that affect the global positioning of countries.

Businesses can better understand how chatbots can advocate their vision.

DeFi helps reduce dependency on traditional methods of transactions.

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Featured Reports

Understand the macroeconomic situations that affect the global positioning of countries.

Businesses can better understand how chatbots can advocate their vision.

DeFi helps reduce dependency on traditional methods of transactions.

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Understand how the U.S. discrepancy in accordance to their debt creates a havoc. 

Sustainable blockchain technology has immense benefit for the environment which cannot go unnoticed.