The Murphy administration will be sensitive to increases on the cost of energy as it takes steps to meet its clean energy goals, said Joseph L. Fiordaliso president of the New Jersey Board of Public Utilities.
“The energy plan will look at costs,” Fiordaliso said during a breakfast roundtable Oct. 2 presented by the New Jersey Chamber of Commerce and NJBIA. “We will not step off the cliff and fall into a canyon. We will do this together, with the (business community’s) help. That’s why we have held stakeholder meetings. We are all ratepayers, whether at your home or at your businesses.”
While the Energy Master Plan is not yet finalized, the Murphy administration has announced ambitious goals to convert New Jersey's electricity production to 100 percent clean energy by 2050. The proposed plan has called for more investment in renewable energy, such as solar and wind, as well as nuclear energy, to reduce carbon emissions. The Murphy administration’s draft Energy Master Plan defines clean energy as "carbon neutral," which means eliminating carbon emissions or capturing them with carbon removal techniques.
“When it comes to costs, we have to be prudent, take it step by step and make sure we have a bridge to that 2050 goal,” Fiordaliso said.
The Murphy administration has called for 3,500 megawatts of offshore wind capacity by 2030. That’s enough to power 1.5 million homes, Fiordaliso said.
And it set a goal of 330,000 electric vehicles on the road by 2025. The state could offer rebates to companies that install electric vehicle charging stations, Fiordaliso said.
Meanwhile, regarding solar power, New Jersey already has about 115,000 solar installations, among the most in the nation. “We are committed to maintaining a vibrant solar industry in New Jersey,” Fiordaliso said.
“Whatever we are looking at, we have to make sure there are economic benefits and economic opportunities,” he said. “This can lead to jobs and income for people. This is important for our region, our economy and our planet. So we have to do this right.”
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