Today, on the two-year anniversary of the release of the New Jersey Energy Master Plan (EMP), Affordable Energy for New Jersey is shedding light on another milestone – two years the Murphy administration has failed to release how much the EMP will cost New Jersey residents and businesses.

Even though the policy will drastically alter how New Jersey receives, pays for, and manages its energy, the New JerseyBoard of Public Utilities (BPU) has yet to release a public estimate of the proposal’s overall cost. And the reason behind their apprehension is clear: The cost is astronomically high.

Affordable Energy for New Jersey’s research shows that the EMP will cost the average family over $200,000. That means the EMP overall will cost New Jersey roughly $500 billion, which we simply cannot afford – especially as our economy continues to recover from the devastation of the COVID-19 pandemic. And while COVID-19 has changed life as we know it, the BPU and Murphy administration have never stopped to reconsider their implementation of this plan and continue to hide its financial toll.

“The Energy Master Plan will upend the way New Jersey residents power and heat their homes and businesses – at a cost so startling the BPU refuses to release all the figures,” said Ron Morano, executive director of AENJ. “The EMP will drive affordable energy sources, such as clean natural gas, out of our state and create a new structure that will spike prices for consumers. Our residents can’t afford to pay more for less as they work tirelessly to rebuild our economy.”

AENJ strongly supports reducing our state’s carbon footprint. But, rushing to implement the EMP in its current form will be disastrous for New Jersey’s residents and businesses. While commendable in theory, the EMP includes many costly mandates for required electrification, elimination of clean natural gas and other shortsighted policies that will drastically and negatively impact the economy. New Jersey needs to lean on our existing energy sources to keep energy costs down while we begin to implement clean energy, not rely on wishful thinking and government mandates.

“We urge the Murphy administration and the BPU to release its cost estimate of the EMP,” said Morano. “New Jerseyans deserve to understand how this policy will impact their wallets and balance sheets, and two years is far too long to wait.”