The bill amends Section 38 of P.L.1999, c.23 (C.48:3-87) to revise the solar alternative compliance payment (SACP) structure, significantly reducing the payment amounts for Energy Years (EY) 2025 through 2033. The new compliance payment rates are set at $50 for EY 2026, $40 for EY 2027, $30 for EY 2028, $20 for EY 2029, and $10 for EY 2030 and beyond. Additionally, the bill clarifies that the SACP value will be determined by the specified amounts in the legislation rather than by the Board of Public Utilities (BPU). It also mandates that any cost savings from these changes must be reflected in the rates charged by electric public utilities.

Moreover, the bill establishes comprehensive net metering standards for electric power suppliers and basic generation service providers, requiring them to offer net metering at non-discriminatory rates for customers generating electricity from Class I renewable energy sources. It outlines eligibility criteria for net metering, introduces safety and power quality interconnection standards, and emphasizes the BPU's responsibility to promote energy efficiency and renewable energy market development while ensuring affordability for low and moderate-income customers. The BPU is also tasked with adopting various energy efficiency programs and periodically reviewing renewable energy portfolio standards based on environmental and economic considerations.

Statutes affected:
Introduced: 48:3-87