The bill amends Section 38 of P.L.1999, c.23 (C.48:3-87) to revise the solar alternative compliance payment (SACP) rates for energy years 2026 to 2033, establishing a gradual reduction from $50 in 2026 to a flat rate of $10 by 2033. It also enhances disclosure requirements for electric power suppliers and basic generation service providers, mandating them to provide uniform information on the environmental characteristics of their energy, including fuel mix and emissions data. The bill establishes interim standards for emissions disclosure and allows the board to adopt an emissions portfolio standard to ensure compliance with air quality standards. Additionally, it sets renewable energy portfolio standards requiring a specific percentage of kilowatt hours sold to come from renewable sources, including solar energy.

Moreover, the bill outlines a transition plan for the solar renewable energy certificate (SREC) program, including a timeline for closing the program to new applications and conducting a study for potential modifications. It mandates the board to establish net metering standards for electric power suppliers, ensuring non-discriminatory rates for customer classifications generating electricity from Class I renewable sources. The bill also introduces safety and power quality interconnection standards and allows the board to assess fees for implementing an emissions disclosure system. Importantly, any cost savings from the changes to the SACP rates must be reflected in the rates charged by electric public utilities, and the board is granted authority to adopt necessary rules and regulations for implementation.

Statutes affected:
Introduced: 48:3-87