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New Denver Condo Buys Wind Credits

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Jun 29, 2009 6:08 pm US/Mountain

New Denver Condo Buys Wind Credits

Written by Environmental Specialist Paul Day
Reporting
Paul Day
DENVER (CBS4) ― A high-profile condo project, called SPIRE, in the heart of downtown Denver is getting a lot of attention because of its focus on "sustainability."

Project developers, The Nichols Partnership, have bought enough wind energy credits to match their projected electricity use for 2 years.

"Now that doesn't mean they've erected wind turbines on the roof," said David Hughes, Senior Sales Director for Renewable Choice Energy, the firm that sold the credits.

Instead, SPIRE's developers are ensuring the same amount of electricity they're pulling from a local coal-fired generating plant is replaced on the national power grid with wind energy.

"What we've done is basically take the cost of green power and make it a development cost," said Chris Crosby, Executive Vice President at Nichols.

Crosby claims there will be no additional expense to home buyers with utility bills. Purchasing the credits helps support wind farm development in states like Oklahoma and Texas but not in Colorado.

"The Great Plains of the U.S. have been referred to as the Saudi Arabia of wind resources globally," explained Hughes.

Hughes' Boulder-based firm charged Nichols $60,000 for the wind credits. Hughes says it's a way for environmentally-friendly developers to offset harmful pollutants from conventional power plans and give a boost to a clean renewable source of energy.

How does he respond to skeptics who point out wind power is not always available and is still more expensive than fossil fuels?

"It does cost a little more up front because of the capital costs of building these huge wind farms," conceded Hughes.

But Hughes says once the costs are paid off, wind power is free, renewable and "there's no cost down the road."

Billed as "sustainable," the SPIRE project is also "attainable" for many new home buyers, according to Crosby.

Crosby says 60 percent of the nearly 500 units are priced affordably between $200,000 and $400,000.

There are 140 units already reserved by new home buyers.

SPIRE, located at 14th and Champa, is scheduled to open in November.

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