By Anne Lindner
Vice President, Energy Policy – Mid Atlantic
A new bill (S1925) was signed into law in New Jersey recently, which changes the state’s Renewable Portfolio Standards (RPS) requirements beginning in the 2014 compliance year (June 1, 2013-May 31, 2014). The legislation was introduced as an attempt to bolster the solar industry in New Jersey, which has experienced some volatility due to an over-build of solar facilities in New Jersey. It is projected that this legislation will increase the demand for Solar Renewable Energy Credits (SRECs) and therefore provide some stability to solar developers in New Jersey.
The new law provides several new provisions with respect to solar development in New Jersey and includes an increase in the percentage of solar power or the number of SRECs providers must use to serve load in New Jersey. Energy contracts that extend past June 1, 2013 will include the cost of procuring the additional SRECs.
For more information about this legislation and how it may impact your business in New Jersey, feel free to email me via our shared social media inbox at socialmedia@constellation.com. Should additional changes to New Jersey’s RPS occur, we will be sure to post another update.
Anne Lindner is the Vice President of Energy Policy for the Mid-Atlantic region at Constellation. This is her first post on the Energy4Business Blog.