The bill amends New Jersey legislation to require the state to cover the costs associated with the interconnection of net-metered residential Class I renewable energy systems. It mandates that funding for these interconnections be at least 50% of the total amount collected from electric and gas public utility rates for demand-side management programs, maintained for an initial four-year period following a comprehensive resource analysis. The Board of Public Utilities (BPU) will determine the funding levels after the eighth year. Additionally, the bill modifies the societal benefits charge framework to include the costs of residential interconnections, ensuring these expenses are accounted for in the overall funding structure.

Moreover, the bill establishes a registration program for solar electric power generation facilities and requires periodic milestone filings to enhance transparency. It also introduces a grant program to assist utilities or customers with interconnection costs, funded through the societal benefits charge. The BPU is tasked with adopting regulations to implement these provisions and is empowered to approve long-term contracts for solar renewable energy certificates (SRECs). The act emphasizes promoting renewable energy development, energy efficiency, and equitable financial support for low and moderate-income customers, with the provisions taking effect immediately upon enactment.

Statutes affected:
Introduced: 48:3-60, 48:3-87