November 2022 - More Bang for Our Buck: Revisiting the Garden State’s Clean Energy Subsidies

It takes 2-4 coal plants, 3,125,000 solar panels, or 431 utility scale wind turbines to generate the same amount of electricity.3 Nuclear energy also uses less land than other clean energy sources and the risks of nuclear energy are very small compared to its vast benefits.4 Nuclear Energy Can Be a Billion Dollar Net Export for New Jersey Approximately 19% of all electricity in the U. [...] While diversification of energy is important from an energy security perspective and wind energy is cheaper than nuclear and many other clean energy sources, the State Legislature and Governor should wait to see whether its current investment provides enough benefits to outweigh the costs before increasing wind subsidies. [...] The Solar Act is a Waste of Resources The Solar Act of 2021 has directed our Board of Public Utilities to double our solar program and obtain 3,750 megawatts of energy by 2026, increasing our solar energy to about 5.1% of total energy. [...] Nuclear energy, on the other hand, is only subsidized at $11/MWh, yet provides 40% of New Jersey’s total energy compared to the goal of 5.1% for solar.7 New Jersey should consider abandoning the arbitrary solar energy goal and use that money to subsidize more reliable energy sources. [...] About The Garden State Initiative The Garden State Initiative is a 501(c)3 nonprofit organization dedicated to strengthening New Jersey by providing an alternative voice and commonsense policy solutions in the state — solutions that promote new investment, the growth of businesses, the creation of economic opportunities, and innovation to the benefit of all New Jerseyans.