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Wind Power Incentives from Washington

New Jersey congressmen from both sides of the aisle introduced a measure today aimed at advancing the offshore wind industry.

The Incentivizing Offshore Wind Power Act, championed by U.S. Representative Bill Pascrell (D) and Representative Frank Lobiondo (R), would provide financial incentives for investment in offshore wind energy. The tax credits would go to the first 3,000 Megawatts of offshore wind facilities placed into service, or 600 wind turbines.

wind turbines
Michael Betts, Getty Images

“Offshore wind offers an enormous potential for producing domestic, clean energy close to the large population centers of the northeast,” Pascrell said. “The Incentivizing Offshore Wind Power Act will give tax certainty to the seed investors this industry needs to jumpstart installations, encourage the development of manufacturing facilities, create good paying jobs, and reduce costs for future projects and consumers.”

According to the University of Delaware, the winds off the Atlantic Coast have the potential of generating 330 Gigawatts of power. That is enough power to replace about 300 coal plants and enough power to support nine states from Massachusetts to North Carolina.

U.S. Senators Tom Carper (D-Del.) and Susan Collins (R-Me.) introduced companion legislation in the Senate.

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