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 law 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 enhances disclosure requirements for electric power suppliers and basic generation service providers, requiring them to provide uniform information on the environmental characteristics of the energy they sell. It establishes interim standards for emissions disclosure and allows the board to adopt an emissions portfolio standard to ensure compliance with air quality standards. The bill also outlines a transition plan for the solar renewable energy certificate (SREC) program, including a timeline for closing new applications and conducting a study for potential modifications. Overall, the bill aims to promote renewable energy development, improve transparency in energy sourcing, and ensure compliance with renewable energy standards.

Statutes affected:
Introduced: 48:3-87