Podcast: New Jersey's Offshore Wind Industry
With $100 million tax credit out of the picture, analysts and experts scramble to see which way the wind blows.
In its attempts to lure an offshore wind company to set up shop in New Jersey, the Legislature passed a 2010 law granting $100 million in tax credits to any manufacture that opted to call the Garden State its home port.
The $100 million credit may sound like a sizable sum, but no offshore wind outfit took up the offer in the past two years -- and the proposal was set to be(which is exactly what happened).
But New Jersey wasn't just banking on a wind-turbine manufacturer that could give it a foothold in the offshore-wind sector (although that would have been a good beginning). It was hoping that this same manufacturer could jump start an entire green industry, replete with jobs, revenues, and a sizable tax base.
Listen in as Tom Johnson, energy editor for NJ Spotlight, sits down and discusses the situation and the possible outcomes with Alan Tu, managing editor of WHYY/newsworks.