This bill amends the SREC-II program in New Jersey, increasing its solar development goals and extending the target dates to 2035. The new goal is to incentivize the development of at least 6,500 megawatts of new solar power generation, up from the previous target of 3,750 megawatts by 2026. Additionally, the bill establishes a small solar facilities incentive program that aims to provide SREC-IIs for 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. The changes aim to enhance the program's effectiveness in meeting the state's solar energy goals while ensuring fiscal responsibility and successful project completion.

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