The bill establishes the Community Power Storage Program, which allows customers of electric public utilities in New Jersey to participate in energy storage projects located remotely from their properties but within their utility service territory. This participation enables customers to receive credits on their utility bills that are equal to or greater than the electricity discharged to the electric distribution and transmission system as a result of their involvement in these projects. The Board of Public Utilities (BPU) is tasked with adopting rules and regulations to implement the program, including setting capacity limits for projects, establishing goals for energy storage capacity, and ensuring access for low- and moderate-income customers.

Additionally, the BPU will provide information on energy storage projects seeking participants through its website and will create standards and an application process for project owners wishing to join the program. The bill also stipulates that electric public utilities can recover all costs associated with the implementation and compliance of the program, subject to BPU review. An annual report on the program's effectiveness will be submitted to the Governor and the Legislature, with recommendations for potential amendments or extensions.