‘We believe a vibrant offshore wind industry can create thousands of good-paying, green jobs; boost the economy; and help the state meet its renewable energy goals,’ says Rob Gibbs, vice president of GSOE and manager of development for renewable energy at PSEG Global. ‘This is an important step forward toward reaching these goals.’
The Offshore Wind Economic Development Act would establish an offshore wind renewable energy certificate (REC) program and authorize the Economic Development Authority (EDA) to provide up to $100 million in tax credits for wind energy facilities.
The bill would direct the Board of Public Utilities (BPU) to develop an offshore wind REC program to require that a percentage of electricity sold in the state be from offshore wind energy. This percentage would be developed to support at least 1,100 MW of generation from qualified offshore wind projects.
The bill authorizes the BPU to accept applications for qualified offshore wind projects and sets forth the criteria to be used by the BPU in reviewing the applications. As defined by the bill, qualifying offshore wind projects must be located in the Atlantic Ocean and be connected to the electric transmission system in this state.
The bill designates elements that the BPU must consider in its review, including a recognition of the total subsidy to be paid by ratepayers over the life of the proposed project and whether a cost-benefit analysis of the proposed project demonstrates a net positive benefit to the state.
Lastly, it authorizes the EDA to provide up to $100 million in tax credits for the development of qualified wind energy facilities in wind energy zones.