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New Jersey has reached another milestone positioning itself as a leader in clean energy technology with the signing of the Offshore Wind Economic Development Act. In his commitment to strengthen NJ’s economy by promoting and utilizing energy initiatives, Gov. Chris Christie signed the Bill on Thursday. The legislation is expected to spur economic growth through renewable energy resources development and boosting green employment for the community.

The Offshore Wind Economic Development Act will also provide available financial assistance and green tax credits from existing programs for businesses with qualified wind projects. The bill will ensure that the establishment of offshore wind projects will benefit NJ both economically and environmentally. It will direct the Board of Public Utilities to develop an offshore renewable green certificate program requiring a percentage of electricity sold to come from wind energy. The percentage would be enhanced to support 1,100 megawatts enough to power 250,000 to 330,000 homes. Likewise, the law will authorize the Economic Development Authority to provide up to $100 million in tax credits for qualified wind energy facilities and associated equipment manufacturers and assembling facilitates to promote economic progress in the state.188
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