This bill amends the SREC-II program in New Jersey to increase its solar development goals and extend its target dates to 2035. Specifically, it raises the program's goal from incentivizing the development of 3,750 megawatts of solar power generation by 2026 to a new target of at least 6,500 megawatts by 2035. Additionally, the bill expands the small solar facilities incentive program to include the generation of at least 300 megawatts of net-metered solar facilities annually, 3,000 megawatts of community solar facilities between October 1, 2025, and December 31, 2029, and at least 150 megawatts of community solar facilities per year thereafter, along with 50 megawatts of solar facilities in the remote net metering program for the duration of the SREC-II program.

Furthermore, the bill modifies the competitive solicitation process for awarding SREC-IIs to larger net-metered solar facilities and grid supply solar facilities. It allows the Board of Public Utilities to implement cost containment measures during the solicitation process and extends the minimum duration of this process until 2035. These changes aim to enhance the development of solar energy in New Jersey while ensuring fiscal responsibility and successful project completion.

Statutes affected:
Introduced: 48:3-115, 48:3-116, 48:3-117