Faced with an economy on its heels, Congress recently passed – and President Obama signed – a major stimulus bill. This followed Governor Corzine’s efforts to deal with the financial crisis here in New Jersey.
In taking action, both our national and state leaders were confronted with a new dilemma. It has become increasingly apparent that consumers are acting more and more like businesses.
When given a little extra money in this uncertain economy, they don’t spend it. Instead, they save it. It is a dilemma because consumer spending was a major factor in pulling the country out of its last several economic downturns.
Recognizing this, the state and federal stimulus efforts include major business investments in new renewable energy, energy efficiency programs, and replacement of aging infrastructure.
This approach makes sense. It helps the environment, improves our energy independence and, most important these days, puts people to work. And there is another major underlying benefit: While we will be paying for these investments for many years, the benefits of cleaner energy, more efficient buildings, and more reliable infrastructure will be even longer lasting.
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Another challenge is to act quickly and effectively to get the stimulus dollars working in our economy. Fortunately, in this area New Jersey is showing leadership.
Last year, Governor Corzine called for utilities to propose economic stimulus plans. They were submitted this January. PSE&G made two proposals – one for the acceleration of infrastructure investment and the other for expansion of an existing energy efficiency and conservation program. The New Jersey Board of Public Utilities (BPU) currently plans to act on the first proposal in April. This reflects a commendable sense of urgency by the BPU.
New Jersey’s early response will allow our state to make maximum use of the federal stimulus dollars. By expanding already-proposed programs, New Jersey can show other states how to move quickly and effectively to address three extraordinary challenges facing our nation: a deepening economic crisis, a need to increase our energy independence and security and the threat of climate change.
We need a similar sense of urgency as the BPU reviews the efficiency proposal as well as a separate solar expansion plan. Quick action will spur investment to produce jobs that are desperately needed and support the state’s goal of reducing greenhouse emissions by 80 percent. There is no time to waste.
What’s your view? Please let us know at Opinion@PSEG.com.
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