This bill requires the Board of Public Utilities (BPU) to establish an incentive program for geothermal energy systems and a grant program aimed at encouraging counties and municipalities to engage in the government energy aggregation program. The incentive program must be implemented within 18 months of the bill's enactment and will provide fixed-rate monthly incentives to geothermal system owners based on their environmental benefits and peak demand reduction. The BPU is empowered to set the incentive amounts, ensuring they are comparable to those for solar energy as specified in existing legislation. Additionally, the bill allows the BPU to utilize funds from the societal benefits charge to finance both the geothermal incentives and the grant program.

Moreover, the bill raises the annual target for new community solar projects from 150 megawatts to 200 megawatts, thereby promoting the growth of solar energy initiatives in the state. The BPU is responsible for creating rules and regulations to implement these programs, including establishing eligibility criteria and application processes for municipalities and counties seeking grants. The bill also enhances the role of government aggregators, defined as counties or municipalities negotiating with third-party energy providers for better rates or renewable energy mixes, and authorizes the BPU to use societal benefits charge funds to support these efforts.

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