Bill > A1478

This bill aims to establish New Jersey as a leader in ocean energy by requiring a comprehensive study of wave and tidal energy potential. The bill recognizes ocean energy as the third-largest source of renewable energy and largely untapped, with the state seeking to incorporate wave and tidal energy into its clean energy goals of achieving 100% clean energy by 2050. The Board of Public Utilities (BPU) and the Department of Environmental Protection will conduct a comprehensive study within 12 months after completing a pilot wave and tidal energy project. The study will evaluate potential impacts on labor markets, energy prices, environmental quality, and grid operations, and explore ways to incentivize wave and tidal energy development, such as creating a renewable energy credit program similar to existing solar and offshore wind programs. The bill requires the agencies to engage with stakeholders, including scientists, industry professionals, and the public, and to submit a report to the Governor and Legislature with recommendations for promoting ocean energy. Additionally, the BPU will be responsible for soliciting and approving a pilot project, facilitating future wave and tidal energy projects, promoting job creation in the sector, and conducting a public education campaign to raise awareness about the potential of ocean energy. The ultimate goal is to position New Jersey as a national leader in emerging wave and tidal energy technologies while supporting the state's clean energy objectives.

Budget and Finance, Transportation and Infrastructure

https://www.njleg.state.nj.us/bill-search/2024/A1478