New Jersey is the newest state to join the exclusive 50×30 club. Earlier this summer, Governor Murphy signed a landmark clean energy bill into law cementing its status as a state at the forefront of environmental innovation. In addition to the bill, another executive order was signed to develop a new Energy Master Plan (EMP) for the State of New Jersey to achieve 100% clean, renewable energy by the year 2050.
The 50×30 Club
The 50×30 club is composed of states pledging to source 50% of their electricity from renewable sources by the year 2030. Currently, the states in the club are New York, Hawaii, California and Vermont. Two additional states, Iowa and Colorado, could reach the goal anyway as a result of utility company actions in their states. However, New Jersey is the most ambitious state of the bunch thanks to the new bill. As a result of environmentally-friendly legal provisions, many of the states in the 50×30 club have experienced tremendous economic growth and developed some of the largest clean energy job workforces per capita in the country.
New Jersey’s Renewable Energy Bill
The energy bill, A-3723, includes a wide range of steps designed to create new renewable energy programs and expand ones already in existence. Some of the notable programs include:
- Renewable Energy Standard: This aggressive standard requires that 21% of the energy in the state be purchased from Class I renewable sources by 2020, 35% by 2025 and 50% by 2030. This standard also provides a cap for costs to prevent residents and business owners from being financially impacted.
- Solar Energy: New Jersey will be expanding the solar program so that it is more sustainable. The state will also be adding a community program so that all residents can benefit from the positive effects of solar energy.
- Offshore Wind Energy: The current goal of reaching 3,500 MW of offshore wind by 2030 is cemented in this bill, along with a previously-expired program offering tax credits for offshore wind manufacturing.
- Efficiency: Every utility must implement measures to reduce total electricity usage by 2% and natural gas usage by 0.75%.
- Energy Storage: The bill also cements New Jersey’s goal of reaching 600MW of energy storage by 2021 and 2,000MW by 2030.
The Economic Benefits Anticipated in New Jersey
New Jersey’s new bill falls in line with record-low solar energy and wind power costs. Two of the fastest-growing jobs in the United States are solar installers and wind turbine technicians, creating a new workforce ready for the 50×30 club. The aggressive wind power goal will also generate billions in new investments and create over 36,000 full-time jobs in the greater region.
The Latest 50×30 Club News from Doo Consulting
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