New Jersey has passed the Offshore Wind Economic Development Act, which will pave the way for offshore wind farms off its coast, BrighterEnergy.org reports. The new law will offer $100 million in tax credits to offshore wind energy developers. It also establishes guaranteed income for companies that build offshore wind farms.
The state wants to create at least 1,100 megawatts of energy through offshore wind, and deliver up to 3,000 megawatts by 2020.
"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," said Assemblyman Upendra Chivukula.
Companies are already anticipating job creation and investment due to the new law.
"This legislation sets a clear path for offshore wind projects like the one proposed by Garden State Offshore Energy, but only if projects can demonstrate positive benefits to the state and its citizens," said Rob Gibbs, vice president of a partnership between offshore wind firm Deepwater Wind and the utility PSEG Global.
Garden State is proposing a 350-megawatt wind farm approximately 16 miles from the state's southern coast.