The State of New Jersey has set aside $100 million to promote alternative sources of energy, as well as receiving federal funds, for rebuilding the state and the power grid following the destruction from Hurricane Sandy last year.
New Jersey has already earmarked up to $100 million to help promote CHP plants. The state's "storm czar" Marc Ferzan, Executive Director of the New Jersey Office of Recovery and Rebuilding, said that the state and federal governments are collaborating on ways to stretch federal money. One consideration is revolving loan funds, he said.
Meanwhile, the state's public utility commission is considering a $2.6 billion proposal from Public Service Electric & Gas – the state's largest utility – to make reliability improvements over a five-year period. That proposal includes smart grid technologies to help with outage restoration.
With their portion of the $50 billion being invested into the Northeastern US, state, and utility investment, New Jersey is making sure it will be prepared for the storm, and a future of alternative and renewable energy sources.
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