Fact Sheet

Strengthening New Jersey’s Economy & Grid

New Jersey's energy storage initiatives aim to reduce costs, create jobs, and enhance grid reliability while addressing rising energy demands. By storing low-cost energy for peak demand delivery, energy storage helps utilities optimize operations and pass savings to consumers. This development generates over $7 million annually in local tax revenue and supports a workforce of 9,000 skilled workers, with potential to infuse $2.6 billion into the state's economy and create 1,300 additional jobs.

Energy storage also provides instant power during emergencies and extreme weather events, ensuring critical facilities maintain power. Modern storage systems enhance the efficiency of existing generation sources, maximizing energy resource utilization.

Recommendations to advance storage deployment include establishing competitive procurement, expediting BPU review of the Storage Incentive Program, and partnering for education on storage technology benefits. Near-term storage capacity in the PJM Interconnection Queue is 1,168 MW, with later-term storage at 2,463 MW, potentially exceeding New Jersey's storage goals.

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