Governor Chris Christie continued his commitment to grow and strengthen New Jersey’s economy by utilizing and promoting energy initiatives as key to the State’s technology future by signing the Offshore Wind Economic Development Act.
The bipartisan measure will spur economic growth in the Garden State through the development of renewable energy resources and the creation of green jobs. 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.”
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.