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A new theoretical model is presented which accounts for the cosmological redshift in a static universe. In this model the photon is viewed as an electromagnetic wave whose electric field component causes oscillations in deep space free electrons which then reradiate energy from the photon, causing a redshift. The predicted redshift coincides with the data of the Hubble diagram. The predicted redshift expression allows for the first time distance measurements to the furthest observable objects, without having to rely on their apparent magnitudes which may be subject to cosmic dust. This new theoretical model is not the same as, and is fundamentally different from, Compton scattering, and therefore avoids any problems associated with Compton scattering such as the blurring of images.