Why the Offshore Wind Economic Development Act (OWED) must be STOPPED:
The OWED is a $100M taxpayer boondoggle to set up unproven and untested wind farms off of New Jersey’s coast. The bill mandates “1,100 megawatts of generation from qualified offshore wind projects.”
In part, the project is funded with monies from the Regional Greenhouse Gas Initiative Cap-and-Trade program, which New Jersey will be pulling out of in 2012. OWED was enacted in 2010, despite not knowing the costs to ratepayers.
A comprehensive cost-benefit analysis of the OWED act was conducted by the renowned Beacon Hill Institute earlier this year.
Beacon Hill’s findings detail the devastating and destructive impact the OWED will have on New Jersey’s economy and to you, the ratepayer:
The project would produce a net cost of $3.245 billion to New Jersey, within a range of $2.106 billion and $4.137 billion.
2. New Jersey’s electricity prices will increase by 2.1 percent, in 2017, within a range of 0.5 percent and 4.2 percent; and
3. From 2017 to 2036, the average household ratepayer will pay $431 in higher electricity costs; while the average commercial ratepayer will pay an extra $3,054 and the average industrial ratepayer an extra $109,335.
4. New Jersey will lose an average of 2,219 jobs, within a range of 528 jobs and 4,440 jobs.
Bottom line: This offshore windmill scheme is a waste of millions of taxpayer dollars for a project that will not work!