New Report Shows NJ Energy Plan Will Cost Taxpayers Billions Per Year

TRENTON, N.J., Oct. 26, 2020 /PRNewswire/ -- Today, Affordable Energy for New Jersey (AENJ), along with well-known energy expert Dr. Jonathan Lesser, the president of Continental Economics, Inc., released a new report that shows a grim future for New Jersey under the state's Energy Master Plan (EMP). His analysis shows that the EMP's building electrification mandates alone will cost businesses and residents in New Jersey at least $2 billion per year ? a substantial increase our state cannot afford.

The EMP, New Jersey's 100% clean energy roadmap, while commendable in theory, includes numerous costly mandates for electrifying the entire transportation industry, eliminating clean natural gas, and other shortsighted policies that could drastically impact the economy, at a time when our residents and businesses are already under financial strain.

The new report, titled Natural Gas: Crucial for New Jersey's Energy and Economic Future, highlights the importance of clean, affordable natural gas in New Jersey and the astronomical cost increases that will be shouldered by residents if these new mandates from the EMP are allowed to proceed. Under the EMP, millions of residents and businesses will be forced to replace their gas-fired heating systems, and all other gas appliances, with electric heat pumps, costing them tens of thousands of dollars out of pocket.

"Energy is the lifeblood of modern society. Safe, affordable, and reliable energy supplies are crucial for the well-being of New Jersey's residents and businesses," said Dr. Lesser, "The EMP's mandates will threaten New Jersey's energy supply at the expense of millions of hard-working individuals. It will lead to an exodus of businesses and industry. And it won't have any impact on world climate."

At a virtual event hosted by the Commerce and Industry Association of New Jersey, AENJ and Dr. Lesser had the opportunity to present his findings of the report to a sector that will be heavily impacted by the new mandates ? the business community.

"New Jersey needs solutions to keep energy costs down, strengthen our economy, and improve the environment," said AENJ Executive Director, Ron Morano. "It is disheartening that New Jersey continues to rely on pie-in-the-sky policies such as the EMP when we know that clean natural gas is cost-effective and reliable. We have what we need to provide energy for our residents without breaking the bank ? we should stick with what we know works."

"Our members will be uniquely impacted by the state's costly energy policy, and we urge more common-sense solutions that will help businesses succeed instead of breaking the bank," said Anthony Russo, President of CIANJ. "We're pleased to host this event and advocate for smart energy policy in New Jersey."

About AENJ:
The Affordable Energy New Jersey Coalition 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.

SOURCE Affordable Energy for New Jersey Coalition