Signed by Governor Phil Murphy

Highlights:

• Requires the board to adopt rules and regulations establishing an annual competitive program to develop utility-scale solar facilities capable of producing at least 3,000 megawatts of power by 2030 (Sec. 1).

• Establishes a utility-scale solar energy development program including an annual competitive solicitation process to identify cost-effective utility-scale solar facility projects (Sec. 1).

• Requires the evaluation criteria to include the ability of the utility-scale solar facility pursuant to the following (Sec. 1):

• Provide enhanced electricity reliability;

• Contribute to reducing seasonal electricity price spikes;

• Be cost effective to ratepayers over the term of the contract;

• Avoid line loss and mitigate transmission costs;

• Be paired with energy storage systems;

• Mitigate any environmental impact; and

• Create and foster employment and economic development in the State.

• Requires the State Treasurer to credit the following to the “Preserve New Jersey Fund Account” (Sec. 4):

• 71% of the 4% of the revenue annually derived from the tax imposed pursuant to the “Corporation Business Tax Act”; and

• In each state fiscal year 2017 through 2019, an amount equal to 71% of the 4% of the revenue annually derived from the tax imposed pursuant to the “Corporation Business Tax Act”.

• Requires the amount credited to the Preserve New Jersey Fund Account to be appropriated from time to time by the Legislature for the following (Sec. 4):

• Providing funding for the preservation of lands for recreation and conservation purposes;

• Providing funding for the preservation and stewardship of land for agricultural or horticultural use and production;

• Providing funding for historic preservation; and

• Paying administrative costs.

• Requires the State Treasurer to notify, in writing, the chairperson of the Garden State Preservation Trust of the amount received from an electric public utility (Sec. 4).

Full Bill Text

Vote Smart's Synopsis:

Vote to pass a bill that a renewable solar energy certificate program.

Highlights:

• Requires the board to adopt rules and regulations establishing an annual competitive program to develop utility-scale solar facilities capable of producing at least 3,000 megawatts of power by 2030 (Sec. 1).

• Establishes a utility-scale solar energy development program including an annual competitive solicitation process to identify cost-effective utility-scale solar facility projects (Sec. 1).

• Requires the evaluation criteria to include the ability of the utility-scale solar facility pursuant to the following (Sec. 1):

• Provide enhanced electricity reliability;

• Contribute to reducing seasonal electricity price spikes;

• Be cost effective to ratepayers over the term of the contract;

• Avoid line loss and mitigate transmission costs;

• Be paired with energy storage systems;

• Mitigate any environmental impact; and

• Create and foster employment and economic development in the State.

• Requires the State Treasurer to credit the following to the “Preserve New Jersey Fund Account” (Sec. 4):

• 71% of the 4% of the revenue annually derived from the tax imposed pursuant to the “Corporation Business Tax Act”; and

• In each state fiscal year 2017 through 2019, an amount equal to 71% of the 4% of the revenue annually derived from the tax imposed pursuant to the “Corporation Business Tax Act”.

• Requires the amount credited to the Preserve New Jersey Fund Account to be appropriated from time to time by the Legislature for the following (Sec. 4):

• Providing funding for the preservation of lands for recreation and conservation purposes;

• Providing funding for the preservation and stewardship of land for agricultural or horticultural use and production;

• Providing funding for historic preservation; and

• Paying administrative costs.

• Requires the State Treasurer to notify, in writing, the chairperson of the Garden State Preservation Trust of the amount received from an electric public utility (Sec. 4).

Full Bill Text