Offshore Wind

Offshore Wind Tax Credit Program: Provides reimbursement for capital investments in industry-specific facilities that create employment growth in major, land-based offshore wind industry projects. Businesses investing a minimum of $50M ($17.5M if a tenant) in a qualified wind energy facility in New Jersey and employing at least 150 new, full-time employees can apply for tax credits equal to 100% of the qualified capital investments made, with a limit of 110% net positive economic benefit to the State. Taxpayers may apply 20% of the total credit amount per year over a five-year period against their corporate business tax or insurance premiums, or sell the tax credit certificate for an amount not less than 75% of the credit amount.  

Offshore Wind Workforce and Skills Development Grant Challenge: Awards grants to launch or expand workforce development and skills training programs for the New Jersey offshore wind industry. The program will offer $3,725,000 in total, with awards ranging from $100,000 to $1,000,000. Priority will be given to initiatives supporting training and job access for residents of Overburdened Communities. 

Wind Institute Fellowship Program for Private Research Universities: Encourages and supports student research in topics that further the development of offshore wind in New Jersey. Eligible universities can apply to participate and then, if selected, will run an application process for students at their institutions. The program provides a total of $844,800 in funding, with a maximum award amount of $281,000 per university, to be used for Fellowship Years 2 and 3. Students will conduct independent research under the guidance of a faculty advisor and participate in industry training, guest lectures, site visits, and other activities to support their knowledge of the offshore wind industry.