TRENTON — The state would be able to provide $100 million in tax credits for companies to develop off-shore wind power under a bill that passed the Senate this afternoon. The Offshore Wind Economic Development Act would attempt to spur the development of wind farms off the coast by offering the incentives and creating a certificate program requiring that...
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Off-shore windmill.TRENTON — The state would be able to provide $100 million in tax credits for companies to develop off-shore wind power under a bill that passed the Senate this afternoon.
The Offshore Wind Economic Development Act would attempt to spur the development of wind farms off the coast by offering the incentives and creating a certificate program requiring that a certain amount of electricity sold in the State be from offshore wind energy.
The Assembly is expected to take up the bill later today.
“It’s a very good idea. Off-shore wind is the most cost-effective and reliable method of alternative energy,” said Sierra Club New Jersey Director Jeff Tittel.
The bill’s goal is to set up wind infrastructure capable of generating 1,100 megawatts of electricity – enough to power at least 250,000 homes.
Tittel said most windmills would be 12 to 15 miles off-shore. “The further out you go the fewer natural resources you impact and the better wind,” he said.
The bill passed 27-10. Lawmakers and state officials have acknowledged that developing wind energy will cost ratepayers more, though the exact figures are disputed.
"We will pay higher rates. ... But the whole idea is to offset that by creating jobs and industry,” state Department of Environmental Protection Commissioner Bob Martin told a Senate Budget and Appropriations Committee hearing.
Previous Coverage:
• Wind power bill goes to N.J. Legislature
• N.J. officials say off-shore windmills will cost ratepayers $5B
• Preparation for groundbreaking offshore wind farm project begins in Atlantic City
• N.J. group launches environmental monitoring buoy for Atlantic City wind farm project
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