This bill mandates the Board of Public Utilities (BPU) to establish an incentive program for geothermal energy systems and a grant program to assist counties and municipalities in becoming government aggregators for energy. The geothermal incentive program, which must be created within 18 months of the bill's enactment, will offer a fixed-rate monthly incentive to geothermal system owners based on their environmental benefits and peak demand reduction. The BPU is tasked with determining the incentive amounts, ensuring they are comparable to existing solar energy incentives. Funding for this program will come from the societal benefits charge.

Additionally, the bill requires the BPU to develop a grant program to encourage local governments to engage in energy aggregation, allowing them to negotiate better energy rates for their residents, also funded through the societal benefits charge. The legislation further amends existing law to enhance the role of government aggregators and increases the annual target for community solar projects from 150 megawatts to 200 megawatts, thereby promoting renewable energy investment and expanding access to solar power in New Jersey.

Statutes affected:
Introduced: 48:3-60, 48:3-87.11