The legislation will establish an offshore wind renewable energy certificate program (OREC) and will make available financial assistance and tax credits from existing programs for businesses that construct manufacturing, assemblage and water access facilities to support the development of qualified offshore wind projects.
"The Offshore Wind Economic Development Act will provide New Jersey with an opportunity to leverage our vast resources and innovative technologies to allow businesses to engage in new and emerging sectors of the energy industry,” said Governor Christie. “Developing New Jersey’s renewable energy resources and industry is critical to our state’s manufacturing and technology future. My Administration will maintain a strong commitment to utilizing energy as industry in our efforts to make our State a home for growth, as well as a national leader in the windpower movement.”
"This is a terrific step for New Jersey,'' said DEP Commissioner Bob Martin.”It makes us a leader environmentally, while at the same time providing New Jersey with a major economic boost from jobs that surely will be created by this green industry. Certainly, we would rather have wind turbines, and the environmental and economic benefits they offer, than oil rigs off the coast of New Jersey.''
"We are far ahead of most other states in developing a technology that is better for the environment and will help the state's economy,'' Commissioner Martin said.
The bill directs the New Jersey Board of Public Utilities (BPU) to develop an offshore renewable energy certificate program that calls for a percentage of electricity sold in the state to be from offshore wind energy. This percentage would be developed to support at least 1,100 megawatts of generation from qualified offshore wind projects.
Through the legislation, the New Jersey Economic Development Authority (EDA) will provide financial assistance to qualified offshore wind projects and associated equipment manufacturers and assembling facilities.
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