California’s biggest green energy project could generate more than $1 billion in tax revenue by 2030
The Los Angeles City Council on Monday voted to spend more than half a billion dollars to build a $2.3 billion solar farm on an abandoned highway overpass in Riverside County, potentially providing the largest source of revenue for the county for the next 20 years.
The solar farm would be one of three solar projects proposed by the city’s environmental and transportation department to be built on private property near the intersection of West Colfax Avenue and Interstate 880 in Riverside.
The other two are to be installed on vacant land on the south side of the road near the city of Los Angeles.
The project will be the first of its kind in the county.
The council voted 5-0 to fund the $2 billion project.
The plan calls for the installation of a 1,200-megawatt solar plant by 2020.
The city has spent more than 1.3 million dollars on the project so far, but has not yet built any solar plants, and the mayor said the city has not even received final designs for the plant.
“The City of Los Angles has committed to building more than a million solar panels on private properties, but the public has not been provided the details for these projects, which are needed to meet the state’s renewable energy goal,” Los Angeles Mayor Eric Garcetti said in a statement.
“We are committed to a world where all Californians can afford to produce their own energy and the city is committed to helping all Californias citizens meet that goal.”
The city is proposing the solar plant because of the region’s growing demand for renewable energy.
In 2016, the U.S. government agreed to fund nearly $1.2 billion in federal renewable energy projects to help Californias renewable energy generation increase to meet its renewable energy targets by 2040.
Garcetti’s office has said that the city plans to build about 50 solar farms, but said that will not be enough to meet California’s 2040 renewable energy goals.
The Los Angos council approved the project in May but then decided to delay the solar project, arguing that the state should fund the solar program because of its renewable goals.
Garcett said that city officials were looking for ways to build more solar panels and that the solar farm is not the only option.
“When we look at our renewable energy future, we are going to look at what can we do to create more solar power on our own,” Garcetti told reporters on Monday.
“And this is a way to do that.”
Garcetti also said that solar energy has become more affordable as technology improves.
“You can buy solar panels for $30,000 today, and in 2020 you can buy them for $10,000,” he said.
“So we are very excited about solar power in California, and we’re going to use it to meet our goals.”