Wind is the fastest growing source of renewable energy. In November of 2015 the United States reached a new milestone in wind power production with a total capacity of 70 gigawatts; enough to power 19 million homes. Growth of the wind energy industry is expected to continue as the technology becomes cheaper and more accessible and the need for clean secure energy sources grows.
Wind has been used for centuries for a variety of different applications. Modern wind power are almost exclusively used to produce electrical power. A wind turbine works by converting the kinetic energy of the wind into electrical power. The blades of a wind turbine first turn the kinetic energy stored in the wind into rotational energy. Then a generator housed in the nacelle of the wind turbine uses that rotational energy to generate electricity. From there the electricity is either used on site or fed into the power grid.
The biggest drawback of wind energy is that wind power cannot be produced on demand. The wind will not always be blowing and if there is no wind or wind speeds that are too high turbines cannot produce power. Wind is highly affected by topography so the location of a wind farm is extremely important. Installations are often developed in rural and remote areas where the land is cheaper and the wind is not obstructed by man made structures. Unfortunately this means that turbines are often subjected to harsh weather and conditions, which increases the regular wear on turbine parts. Without proper maintenance failure of even small parts can cause thousands or millions of dollars in damages.
Although wind energy technologies are getting cheaper installing a wind farm or even a small turbine is a capital intensive venture. A wind farm’s exposures and liabilities are complex. An off the shelf insurance package is not sufficient to cover all of the reasonable risks associated with wind energy. Wind installations require a tailored solution specific to the project. Value Insurance Agency, Inc created this website as a helpful resource for individuals and business looking for insurance for a wind project.
If you need help insuring your wind energy business give us a call at 703-351-7878 or email us at email@example.com.