The Murphy administration plans to devote most of its investments from the Regional Greenhouse Gas Initiative to pay for decarbonizing buildings and electrifying the transportation sector in environmental-justice communities.
In its second, three-year strategic plan for determining where hundreds of millions of dollars will be spent, the administration says it will use the investments to advance Gov. Phil Murphy’s goals to slash emissions contributing to climate change and to transition to clean energy.
The strategic plan, released Friday, targets where funds raised by RGGI will be targeted between 2023 and 2025. The initiative is a cap-and-trade program that raises money from the power sector, which produces greenhouse gas emissions. In the past three years, $342 million in RGGI funds were allocated to various projects to reduce emissions and fund clean-energy projects.
Highly efficient, all-electric homes can help New Jersey households save money. A recent Acadia Center report demonstrates that New Jerseyans in an average insulated home can save anywhere from 4% to 41% on their annual energy bills by adopting heat pumps.
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