Significant New Revenue
The CPV Valley Energy Center represents a long-term source of additional revenue for town government and the local school district through a PILOT (Payment in Lieu of Taxes) agreement. During its first two decades of operation, the project is estimated to provide in excess of $45 million in additional revenue that can be used to help reduce tax burdens, provide funding for infrastructure maintenance, support local recreation and civic programs and much more.
Boost to Local Economy
In addition to the increased local revenue, the project injects funds into the local economy with the creation of long-term well-paying jobs. Approximately 900 construction jobs were created at the peak of construction, and 23 direct full-time workers have been employed since the plant began operations in 2018.
Local merchants and other businesses have benefitted from the increased economic activity resulting from the new jobs created in the area. This new income is spent in the local economy because of CPV’s corporate philosophy to purchase local material, to the greatest extent possible, as just one of the ways of supporting the host community.
Regional Environmental Benefits
- The CPV Valley Energy Center has avoided more than 1.2 million tons of CO2 through the displacement of less efficient generation.
- Global warming is one of the greatest challenges of the 21st century. Combined-cycle natural gas plants have been identified as a critical part of the solution.
- Power producers have drastically moved away from coal-fired generation in the past decade, converting them to gas or replacing them with natural-gas-fired plants. CO2 emissions from electricity generation have dropped as a result, to 40% below actual 2005 levels, according to a Department of Energy (DOE) April 2021 study.