The New Jersey Board of Public Utilities (BPU) has approved financial incentives for offshore wind farms, the New Jersey Star Ledger reports.
However, the funding mechanism has not yet been determined. The state currently has a solar energy incentive program that rewards projects with credits. The rules approved by the board will expire in 18 months, by which time more permanent rules are expected to be in place.
‘We need to get these programs up and running,’ Jeff Tittel, director of the New Jersey Sierra Club, told the newspaper. ‘Having a credit program in place that gives financial assurance will help make these windmills happen, because it will allow for windmill companies to borrow money. Without it, it makes it very hard to borrow the money.’
SOURCE: New Jersey Star Ledger