Posted on July 24th, 2017 by

One of the most direct and immediate benefits the communities along the proposed Northern Pass route will receive is increased property tax revenue. In its first full year of operation, the project will pay an estimated $35 million to $40 million in property taxes. Breaking this down into different categories, it will mean in the first year:

  • Approximately $21 million to $26 million for municipal and local education property taxes;
  • Approximately $4 million for county taxes; and
  • Approximately $10 million for state utility education property taxes redistributed to local communities for education

Recently, Northern Pass reached out to all of the incorporated communities along the route to notify them of the expected tax revenue the project will bring over the next 20 years. In Stewartstown, for example, the estimated Northern Pass investment (which is an increase to the town’s tax base) in the first year after construction will be $69.9 million. Once built, Northern Pass will represent 45 percent of the town’s overall property value and yield an estimated first-year payment for municipal and local school taxes of $858,361. That would bring an estimated first year homeowner tax benefit of up to $830 per $100,000 in home value.

Franklin City Manager Elizabeth Dragon said in her pre-filed testimony for the NH Site Evaluation Committee proceedings that the revenue from Northern Pass – between $3.2 million and $7 million – “will have a transformational effect on the City of Franklin.”

“In a community where one out of every two children is living at or below the poverty level, this is huge,” said Dragon. “Revenue from the taxes paid by Northern Pass Transmission will benefit the public by, amongst other things, allowing the city to better fund its schools and maintain its roads.”

Dragon went on to say that the city has been forced to convert some paved roads to dirt to save money, hindering economic development. By adding a substantial source of tax revenue, Franklin can begin to address these challenges, she said.

Here is the range of tax benefits for some other communities along the route.

Allenstown:  $443,056 – $848,069

Bethlehem: $842,557 – $1.5 million

Concord: $639,908 – $982,958

Deerfield: $1.7 million – $2.7 million

Northumberland: $435,791 – $793,113

Plymouth:  $716,431 – $1 million

Woodstock: $1 million – $1.9 million

To learn more about the infrastructure investment Northern Pass will be making in your community and the tax payments that will result, go to www.northernpass.us/towns.htm.


Posted on July 24th, 2017 by

Posted In: SEC

Tags: ,


Posted on August 18th, 2015 by

Includes an improved route with additional underground line and more benefits for New Hampshire.

NPT FNH Journal Post Photo_851x315px

Today we announced significant changes to the Northern Pass project as part of a newly unveiled Forward New Hampshire Plan. This major development eliminates potential view impacts in around the White Mountain National Forest, the Appalachian Trail, and Franconia Notch area by burying an additional 52 miles of line – for a total of 60 miles of underground line – and eliminating more than 400 structures in this region.

These route changes and the entire Forward NH Plan are the results of conversations we’ve had with people across New Hampshire. They are part of a balanced solution that provides clean, affordable energy our region needs and unique benefits to New Hampshire while also addressing the concerns about potential view impacts.

Beyond additional burial, the Forward NH Plan will deliver more than $3 billion in direct economic benefit to New Hampshire, including 2,400 jobs during construction, $80 million annually in lower energy costs for New Hampshire – as well as additional energy costs savings from a Power Purchase Agreement for Eversource NH customers – $30 million in annual tax benefits and a more than $2 billion increase in the state’s economic activity. The project will also create a $200 million “Forward NH Fund” dedicated to supporting initiatives in tourism, economic development, community investment, and clean energy innovations, with an emphasis on North Country opportunities.

You can read more about the Forward NH Plan elsewhere on our website, and hear more about the plan and its benefits from Eversource President and CEO Bill Quinlan in this video:

 


Posted on August 18th, 2015 by

Posted In: Feature, Press Releases

Tags: , , , , ,


Posted on November 27th, 2013 by

Food for thought on this Thanksgiving

  1. Thanksgiving sidesRegional Energy Need – The operator of our electrical grid, ISO New England, predicts we’ll increase peak energy demand by 17% over the next decade, but the supply will drop as many outdated power plants close. New England needs to find nearly 6,000 megawatts of new power to replace more than 8,000 megawatts disappearing in the next few years. Northern Pass will bring 1,200 megawatts of clean, low-cost, renewable hydro-power into the picture.
  2. Benefits for NH – Northern Pass will bring low-cost, clean energy to New Hampshire and all of New England. Our state, specifically, will benefit from the creation of 1,200 new jobs over the construction period, a Jobs Creation Fund to spur sustainable employment beyond that, and $28 million in annual tax revenues to cities and towns along the transmission route.
  3. Energy Savings – Hydro-power is a lot less expensive than energy derived from fossil fuels. Having 1,200 MW of hydro in the mix will reduce wholesale energy prices by $25-$30 million a year for New Hampshire customers.
  4. Privately funded, no customer subsidy needed – Northern Pass is paid for entirely by investors, without any tax- or rate-payer money. This is laid out in a federally-approved “Transmission Service Agreement” between Northern Pass and Hyrdo-Quebec, the company that will lease the line to sell its hydro power to the New England market. Northern Pass is the only project in the region, either proposed or in the works, with this kind of agreement.
  5. Mostly constructed along existing Rights of Way – Transmission lines have been running from the North Country to southern New Hampshire for decades along a cleared and maintained Right of Way. More than 80% of the Northern Pass transmission project will be built either on this existing ROW, alongside the power lines that have existed for generations, or buried under state and public roads. The remainder of the project has been strategically relocated, on property owned or leased by Northern Pass, to minimize visual impact.
  6. Lowest greenhouse gas emission – The energy transmitted by the Northern Pass will help offset carbon emissions by up to 5 million tons annually be reducing our dependence on dirtier fossil fuels. Additionally, hydro in its own right is among the lowest emitter of CO2 of any power source, about the same as wind power. Solar panel generation emits 10x the greenhouse gasses per kilowatt hour, compared to hydro.
  7. Enough power to light up a million homes – 1,200 megawatts is a lot of power. How much, you ask? It’s the equivalent of the power put out by four natural gas power plants. Up to one million homes and businesses can be powered by 1,200 megawatts. That’s a lot of clean, green electricity.

Posted on November 27th, 2013 by

Posted In: Features

Tags: