Affordable Energy for New Jersey (AENJ), the state’s leading energy policy coalition, has published a long-awaited report detailing the anticipated costs for the implementation of the state’s Energy Master Plan (EMP), and the price is shocking.
This detailed analysis of the proposal estimates the EMP will cost a staggering $525 Billion dollars to implement –more than ten times New Jersey’s annual budget. This same proposal was categorically rejected by NJ residents with a 2-1 margin when public opinion research was conducted on this very topic.
“For more than a year the state has deflected, ignored, and outright covered up what NJ residents will be taxed when it comes to energy policy implementation – and that is just unacceptable,” explained Ron Morano, Executive Director for AENJ. “After conducting our detailed study, it is no wonder why Board of Public Utilities continue to shirk their responsibilities, they do not want resident to know how crushing this proposal will be everyone.”
The study, which was conducted by well-known energy economist Dr. Jonathan Lesser, explains that implementing the EMP will cost every New Jersey resident thousands of dollars, while having no impact on world climate. “The state of New Jersey will essentially require every New Jersey resident to be saddled with an additional $52,000 mortgage to pay for the Energy Master Plan,” explained Dr. Lesser. “With the average property tax bill in NJ hovering above $9,100 per household, it is difficult to fathom that the state wants to saddle residents with an additional $50K bill per person – over $200,000 for a family of four – to implement a plan that will have zero impact on world climate, but which will result in less reliable energy supplies and energy rationing,”
A cost breakdown includes:
Affordable Energy for New Jersey conducted a state-wide survey of 1,362 NJ residents, which asked them for their opinions on various aspects of state energy policy. The results of that survey show that 54% would be unwilling to pay any more in taxes and or higher energy bills to fund the Energy Master Plan and 64% oppose its implementation when informed of a cost estimate ($52,500 per resident).
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About Affordable Energy for New Jersey:
The Affordable Energy New Jersey Coalition (AENJ) is a dedicated group of business, labor, industry, civic and community organizations in New Jersey who have come together to ensure that families and businesses maintain access to clean and affordable energy.
About Dr. Jonathan Lesser:
Dr. Jonathan Lesser is the President of Continental Economics, Inc. with over 35 years of experience in energy policy issues and cost-benefit analysis, and an Adjunct Fellow with the Manhattan Institute. He is the co-author of three textbooks, numerous academic and trade press articles, and was previously one of the “Deans” for an education program with the Energy Bar Association. Dr. Lesser has testified before Congress on energy policy issues and has testified numerous times before state utility commissions, the Federal Energy Regulatory Commission, and international energy regulators.