But opponents note the credits — made available under— were originally slated to go back to ratepayers to help offset the cost of wind farm construction.
The state’s Ratepayer Advocate wrote in a letter to lawmakers Tuesday that “while we support offshore wind,” there are “significant concerns” about the measure’s “impact on ratepayers, especially the costs and no protections for ratepayers, and the lack of accountability by the beneficiary of this bill.”
“Ørsted will increase its investments in New Jersey if the bill is enacted,” said Urbish, a former policy advisor in Murphy’s administration. “These federal incentives present an opportunity for New Jersey to further secure in-state economic investments and hundreds of jobs at no additional cost to ratepayers.”
Tim Sullivan, CEO of the New Jersey Economic Development Authority, called this a “gut-check moment.” David Pringle, an environmentalist with Clean Water Action, said offshore wind is “the single best contribution New Jersey can provide to do our part to alleviate the climate crisis, all the health care costs and such that go along with it.”