New Jersey is trying to get the the USA’s first offshore wind farm by providing incentives to company to setup wind turbines. It is good to see American politicians encouraging growth in sustainable energy.
Part of the law ensures $100 million in tax credits to offshore wind energy developers which want to build off of New Jerseyâ€™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.