The proposed bill aims to eliminate New Jersey's solar renewable energy portfolio standard by June 1, 2025, and replace it with a fixed-rate incentive system for solar energy producers. The Board of Public Utilities (BPU) will establish a new framework for solar renewable energy certificate (SREC) incentive payments, set at $95 per megawatt hour of solar energy produced. This change is intended to streamline the state's solar energy incentives, providing a more predictable and stable financial structure for solar energy producers. The bill also includes provisions for the BPU to adopt necessary rules and regulations to implement these changes, which will take effect immediately upon filing with the Office of Administrative Law for a period not exceeding 18 months.

In addition to the elimination of the solar renewable energy portfolio standard, the bill introduces new definitions and clarifications related to energy regulation, including terms such as "financing entity" and "gas public utility." It emphasizes the importance of environmental standards and renewable energy initiatives, including greenhouse gas emissions portfolio standards and offshore wind projects. The bill also outlines the BPU's responsibilities in ensuring compliance with renewable energy standards and establishes a process for approving applications for solar facilities. Overall, the legislation seeks to enhance the regulatory landscape for solar energy development in New Jersey while promoting sustainable energy practices and ensuring affordability for all ratepayer segments.

Statutes affected:
Introduced: 48:3-51, 48:3-87