Rhode Island has nearly tripled the state’s renewable energy standard to 40% by 2035, up from 14.5% by 2019.

Governor Gina Raimondo signed the legislation into law this week.

“By raising its renewable energy standard, Rhode Island is sending the signal that it’s open for business to renewable energy developers who will invest billions of dollars into the state economy,” said American Wind Energy Association CEO Tom Kiernan.

According to the Wind Energy Foundation, growing wind power in Rhode Island could result in $240m in electricity bill savings by 2050 and up to $744m in savings through lower gas prices.

Rhode Island joins a growing number of states, including California, Oregon, Vermont and Hawaii, raising their existing renewable energy laws.

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