New Jersey to allocate $ 350 million for offshore wind tax credit program



December 6 (Renewables Now) – New Jersey regulators await bids for projects seeking to qualify under its tax credit program that will support offshore wind development to the tune of $ 350 million (EUR 310.1 million) .

The New Jersey Economic Development Authority (NJEDA) kicked off the initiative on Friday and will accept applications as and when the target cap is reached. Under this program, project developers could receive tax incentives, often up to 40% to 60% of a project’s qualified capital investment, over a five-year period.

Among the requirements for a project to obtain tax credits, it is necessary to cross a minimum threshold of capital investment and create at least 150 new full-time jobs. In addition, they must demonstrate that the state will receive at least 110% of the total amount of the tax credit over five years as a result of the project investment. The specific period of net profit can be extended up to 20 years.

New Jersey is targeting 7,500 MW of offshore wind power by 2035 as part of its plan to achieve 100% clean energy by 2050. To achieve this goal, the state is leading a number of initiatives including the rental of its New Jersey wind port for offshore wind power. manufacturing. In October, six wind developers and turbine manufacturers tendered to become tenants.

(USD 1.0 = EUR 0.886)

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