N.J. enacts law to boost offshore wind power

Washington, D.C., September 9, 2010 — In a bid to boost offshore wind energy, New Jersey enacted a law in August that provides a financial incentive for companies to construct turbines in the Atlantic Ocean off the state’s coast.

The “Offshore Wind Economic Development Act” will offer offshore wind renewable energy certificates to approved projects for the generation of 1,110 MW of power.

The new law also seeks to attract firms that build wind turbines and their components by granting up to $100 million in tax credits as well as financial assistance to qualified applicants.

New Jersey used a similar approach to encourage photovoltaic installations and is now producing 57 MW.

Under provisions of the new law, the New Jersey Board of Public Utilities will determine a process for utilities to buy offshore renewable energy certificates from commercial offshore wind farms.

The state’s renewable portfolio standards require New Jersey get 22.5 percent of its electricity from renewables by 2021.

In June, New Jersey and nine other East Coast states signed a memorandum of understanding with the U.S. Department of Interior to create the Atlantic Offshore Wind Energy Consortium.

The goal of the consortium is to promote the development of wind resources on the Outer Continental Shelf along the East Coast, by coordinating state and federal efforts relating to permitting activities, environmental studies, technical and financial barriers, and the infrastructure needed to deploy and maintain offshore wind projects.

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