Why should the US Virgin Islands own solar assets?

The US Virgin Islands should invest in solar assets for enhanced portfolio diversification and risk mitigation. WAPA ownership guarantees coverage by WAPA and FEMA during natural disasters, eliminating uncertainties (1. Enhanced Portfolio Diversity: WAPA diversifies its energy portfolio, ensuring a more resilient and sustainable future).

Why is solar power important in the USVI?

The USVI's abundant solar resource, with a global horizontal irradiation of nearly 6 kWh/square meter-day, makes solar power economically attractive in the USVI.

What is the cost of electricity in the USVI?

The electricity rates in the USVI are $0.47 per kilowatt-hour (kWh). This is higher than the Caribbean regional average of $0.33/kWh.

Do St Thomas and St Croix have electricity?

As of late 2014, both St. Thomas and St. John were served by one electrical grid run by the Virgin Island Water and Power Authority (WAPA). St. Croix, however, has a separate electrical grid in the WAPA service area. More than 1,000 distributed renewable energy systems were connected to the WAPA grid.

What is the cost of wind energy in St. Croix?

The cost of wind energy in St. Croix ranges from $0.08 to $0.14 per kWh. The localized cost of energy from utility-scale wind projects ranges from this amount. St. Croix has moderate potential to generate 3 MW to 5 MW of energy from biomass because the majority of the island is covered with forest. Landfill gas has an expected capacity of about the same.

How does oil affect the cost of electricity in the USVI?

The USVI, like many island nations, is heavily reliant on fossil fuels for electricity generation. This reliance leaves the USVI vulnerable to global oil price fluctuations, which directly impact the cost of electricity. Assumes an average electricity price of $0.50/kWh and consumption of 767.4 gigawatt-hours (GWh).