The prospect of Offshore Wind Farms in the U.S. is gaining momentum, which is great news in the push for renewable energy. A recent offshore wind lease auction brought in a staggering $405.1 million, shattering the previous $42.5 million record.
This represents a huge leap in interest (both literal & financial) in offshore wind farming. Recent technological advancement in ocean wind turbines is said to have figured into the climbing bids for the acreage off the Massachusetts coast. The new lessees have a year to submit a site assessment plan and then four years to submit a development plan for approval by the Bureau of Ocean Energy Management before the 33-year lease will begin.