The Economic Impact of New Jersey’s Renewable Portfolio Standard: How Energy Mandates Will Harm the Economy
With one of the highest targets among states that mandate utilities to generate portions of their power from renewable sources, New Jersey has placed an unnecessary and costly economic burden upon businesses and residents that will continue to harm basic affordability, competitiveness and employment. That’s according to a new study released today by the Beacon Hill Institute at Suffolk University in Boston (BHI), which analyzed the economic impacts of the state’s Renewable Portfolio Standard.
The report, prepared by BHI’s economists, found that New Jerseyans will likely pay $6.7 billion more for power in from 2014 to 2021 because of the state's RPS. The Garden State’s mandate requires utilities to generate 22.5 percent of electricity from renewable sources by 2021, which is additionally complex due to regulations that require certain amounts to come from solar and offshore wind sources. The special carve-outs, repeated changes and expansions to the mandate have created a regulatory nightmare, except for the comparatively few in the “green” energy industry who benefit. (Written by Beacon Hill Institute)