This bill mandates a comprehensive study of New Jersey's ocean energy potential, specifically focusing on wave and tidal energy, which are recognized as significant sources of renewable energy. The Board of Public Utilities (BPU) is directed to implement a pilot project for wave and tidal energy, with data from this project to inform a broader study evaluating the feasibility and benefits of these energy sources. The study will assess various impacts, including labor markets, energy prices, and environmental effects, and will explore the establishment of a renewable energy credit program to incentivize the development of wave and tidal energy technologies.

Furthermore, the bill requires the BPU and the Department of Environmental Protection (DEP) to submit a report within 15 months of the pilot project's completion, detailing the study's findings and providing recommendations for legislative and executive actions to promote wave and tidal energy. This report must include a strategic plan outlining specific energy generation goals for 2030, 2040, and 2050, and the Energy Master Plan Committee is tasked with incorporating this strategic plan into the state's Energy Master Plan. Overall, the bill aims to position New Jersey as a leader in the emerging ocean energy sector while enhancing job creation and environmental quality.