NJ Legislature approves offshore wind bill

The New Jersey Legislature has just passed a new bill that would set up a system to review offshore wind developer’s projects and their financing proposals. The bill, which is endorsed by and is expected to be quickly signed by NJ Governor Christie, is expected to jump start offshore wind power development, by requiring that a certain percentage of NJ’s power come from offshore wind – the amount of power to be produced via offshore wind would be at least 1.1 gigawatts.    It also calls for $100 million in tax credits for companies developing offshore wind.

Currently, four wind power developers have submitted proposals to build wind turbines between 12 and 20 miles offshore of the New Jersey coast.

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