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New Jersey’s Offshore Windmill Project just another Trenton boondoggle
Beacon Hill Institute – New Jersey’s Offshore Windmill Project Will Raise Rates, Kill Jobs
Last week, Americans for Prosperity held a special tele-town hall event with Paul Bachmann of the Beacon Hill Institute. Mr. Bachmann joined us for almost an hour to discuss the findings of a cost analysis of the Offshore Wind Economic Development Act and to take questions from the media and AFP activists on the call.
According to the dictates of the Offshore Wind Economic Development Act, New Jersey would be forced to increase the amount of energy sold in the state through offshore wind power. Funding for the project comes in the way of a $100 MILLION taxpayer subsidy.
But according to the report from the Beacon Hill Institute, this plan would hurt New Jersey’s already fragile economy. Here are the key findings from the Beacon Hill Institute’s cost analysis:
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, 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 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. New Jersey will lose an average of 2,219 jobs, within a range of 528 jobs and 4,440 jobs.
These findings are simply devastating. New Jersey ratepayers already pay some of the highest energy costs in the country. And with unemployment in the state hovering near 9.4%, all too many of our fellow residents remain out of work.
Yet, New Jersey is about to embark on a multi-million dollar, untested offshore wind energy scheme that will only drive our electricity bills higher and continue to cost our state jobs.
https://static.taxcutsforall.com//files/NJ%20Wind%20Quick%20Findings.pdf
