As approved by NJBPU, it is projected that Ocean Wind I will increase residential bills by $1.46 per month, industrial bills by $110.10 per month, and commercial bills by $13.05 per month. It is projected that Ocean Wind II will increase residential bills by $1.28 per month, industrial bills by $99.91 per month, and commercial bills by $11.73 per month. It is projected that Atlantic Shores will increase residential bills by $2.21 per month, industrial bills by $172.25 per month, and commercial bills by $20.18 per month. The total impact of currently awarded NJ OSW projects on residential bills will be less than $5 per month. None of these charges will begin until the projects are operational.

It is also important to note that the release is silent on the substantial economic benefits that will occur as a result of offshore wind development. Not only is New Jersey creating a clean energy economy from the ground up – which will be beneficial for generations to come – but offshore wind has already created thousands of jobs and will create tens of thousands more.

It is very difficult to accurately predict the future costs of offshore wind, because no additional projects have yet been approved. Since no additional projects have been approved, future costs are unknown. Any future projects proposed to the Board would be subject to the same analysis the Board employed for approved projects using actual data. As always, the impact on ratepayers is one of the most, if not the most important factors considered. In fact, cost evaluation is weighted at 70 percent in the third solicitation. Further, these projects will produce clean energy well beyond the 20-year OREC term, which would be beyond the end of ratepayer subsidies.

Ultimately, offshore wind is a key strategy to mitigate the negative impacts of climate change on New Jersey’s communities, especially those most at risk of climate change’s damaging effects.