In a move that has drawn criticism, a wind farm project off the coast of New Jersey, approved by the Biden administration, is expected to cost taxpayers close to $1 billion in subsidies and result in higher utility costs, according to experts and lawmakers.
The project, which was given the green light by President Joe Biden’s Interior Department, will be the largest offshore wind farm in the country, situated approximately 13 miles off the coast of Atlantic City.
Following the approval, New Jersey Democratic Gov. Phil Murphy signed a bill that grants Denmark-based company Orsted, the developer of the wind farm, significant tax breaks. However, instead of passing on the savings to ratepayers as intended, the legislation allows the foreign company to retain the funds.