New Jersey Governor Chris Christie has signed legislation into law that strengthens the state’s renewable energy requirements. The legislation, S1925/A2966, addresses the current imbalance of Solar Renewable Energy Credits (SRECs).
The law accelerates the state’s Renewable Portfolio Standard (RPS) solar requirement by about four years. Declining costs and an attractive investment environment caused solar deployment in the state to outpace demand. Acceleration of the RPS solar requirement is expected to bring supply and demand in the market back into balance.
The law also reduces the Solar Alternative Compliance Payment, clarifies program eligibility for net metered systems, defines SREC program eligibility for grid-connected solar energy projects, promotes development of projects on brownfields and landfills, authorizes aggregated net metering for certain public entities, and increases SREC ‘banking life.’
New Jersey is the second largest market for solar energy in the U.S., according to the 2012 Q1 Solar Market Insight report, published by the Solar Energy Industries Association (SEIA) and GTM Research.
See SEIA’s fact sheet on S1925/A2966 for more info.
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