New Jersey Law Expected To Attract Offshore Wind Developers

July 8th, 2010 BY VeganVerve | No Comments
offshore wind farm

The United States has yet to break ground for the creation of an offshore wind farm despite offshore wind being a popular form of energy in other parts of the world. The place expected to be the first home to an offshore wind farm for the U.S. is Cape Cod in Massachusetts. However, the aptly named Cape Wind project has been stalled by numerous legal battles within the past few years.

While the arguments in Cape Cod continue, the State of New Jersey is still hoping to become the location of the United States’ first offshore wind farm. In order to give this dream a greater chance of becoming reality, the state recently created the Offshore Wind Economic Development Act. This new law is expected to enable offshore wind energy to succeed more easily in the state.

Part of the law ensures $100 million in tax credits to offshore wind energy developers which want to build off of New Jersey’s shores. In addition, the law is expected to guarantee the companies which choose to build in New Jersey an income from the offshore wind farms. The potential draw to companies wanting to build offshore wind farms in New Jersey is expected to increase drastically due to the law.

Part of the reason for the creation of the law is to increase the amount of renewable energy in the state of New Jersey. Officials wish to see 1,100 megawatts of energy in the state coming from offshore wind energy projects. A greater goal by the state is to have 3,000 megawatts of energy coming from offshore wind energy by the year 2020.

Assemblyman from the State of New Jersey Upendra Chivukula stated: “Offshore wind is a key part of the future, and we need to make sure New Jersey is well-positioned to benefit from this emerging technology and the economic growth it will bring.”

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