This bill mandates a comprehensive study of New Jersey's ocean energy potential, specifically focusing on wave and tidal energy, to position the state as a leader in these emerging clean energy sectors. It requires the Board of Public Utilities (BPU) to implement a pilot project for wave and tidal energy, with data from this project to inform a subsequent 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 development in this area.

Furthermore, the bill stipulates that within 15 months of the pilot project's completion, the BPU and the Department of Environmental Protection (DEP) must submit a report to the Governor and Legislature detailing the study's findings and recommendations. This report will include a strategic plan outlining specific generation goals for wave and tidal energy by 2030, 2040, and 2050, and will guide future legislative and executive actions to enhance the state's clean energy portfolio. Additionally, the Energy Master Plan Committee is tasked with incorporating the strategic plan and generation goals into the state's Energy Master Plan.