Nantucket Economic Future

Nantucket needs to capitalize on our resources to insure a bright economic future. Our scallop industry needs to be expanded by the proposed Marine Collaborative. With careful fisheries management, it is feasible to increase and maintain our scallop industry at 20 thousand bushels per year. This would bring an additional $3 million dollars per year into our economy.

We should develop wind power. We have one of the highest average wind velocities in the country and one of the highest electricity costs. If we build three 1.5 MW turbines at the Land Fill, we could save the Town $3-million per year. If we move our Bulk Fuel storage from downtown to the airport, we would save $0.40 per gallon or $4-million per year. The three initiatives would add $10-million to our economy in 2 to 3 years.

Within 5 to 10 years, we could save $27.8-million by generating the entire Island’s electrical power with land based wind turbines, heating our homes and driving vehicles using inexpensive electricity. Our fuel consumption could be reduced by 75%. At $3/gallon, we would save $22.5-million per year in fuel costs. The total amount of savings from lower fuel and electricity costs would be $50-million. Then we could export electrical power to the mainland. In the early 1800s, Nantucket was one of the richest Towns in America, exporting power to the world as whale oil. We have an opportunity to be energy independent.