Understanding Renewable Energy's Role in Rural ED

An increasing number of states are realizing the potential role renewable energy can play in their tech-based economic development strategies (TBED) and future growth. While nearly all provide some financial support to encourage the use of renewable sources of energy (see, for example, the Database of State Incentives for Renewable Energy), several are looking at the R&D side of the equation for future technological breakthroughs. Funding and attention for the next wave is often driven toward universities, utility companies and large players in the energy market.

A less exploited element of renewable energy is the role currently available technologies from several energy streams can play for businesses in rural locations -- reducing costs, identifying alternate profit streams and giving them a competitive edge over their urban counterparts.

Two new publications from Colorado's Office of Energy Management and Conservation (OEMC) and the Governor's Office of Economic Development & International Trade provide examples of how renewable energy can be integrated into the rural development strategies.

Released Dec. 12, The Handbook on Renewable Energy Financing for Rural Colorado and Distributed Wind Generation Study for Northeast Colorado provide details on existing projects and discuss the potential of renewables in driving economic development in rural communities, particularly with agriculturally-centered economies.

The OEMC initiated these two studies to help Coloradans assess feasibility of renewable energy technologies. The studies address how renewable energy can benefit agriculture, utilities, consumers and other industries in Colorado specifically, but have applications in many regions of the country.

The Handbook uses Colorado case studies to examine existing renewable energy projects, such as biomass, biofuels, hydropower, solar and others. Descriptions of these commercially available technologies with respect to the financial, environmental and technological factors are provided in the Handbook.

Distributed Wind Generation Study for Northeast Colorado focuses specifically on wind energy's potential to provide additional power and economic benefits to Colorado. As the American Wind Energy Association reports 2005 will be a record year for installations across the country, the potential role for energy farming to play in revitalizing rural economies is growing.

The Handbook on Renewable Energy Financing for Rural Colorado is available at: http://www.colorado.gov/oemc/publications/handbook_rural_co.pdf