Two new renewable energy incentives have been passed for the state of New Jersey.
New Jersey’s renewable portfolio standards (RPS) revamps its solar renewable energy certificate (SREC) program, developments in energy storage and community solar, and re-establishes a directive to develop a program for offshore wind credits (ORECs).
New Jersey’s renewable portfolio standards have increased to 50 percent by 2030.
N.J. Governor Phil Murphy’s Executive Order 28 requires the state’s 2019 Energy Master Plan to chart the course to 100 percent “clean energy” (i.e., renewables and nuclear) by 2050.
With these two steps, New Jersey’s renewables sector should be primed to flourish, pushing solar development forward and setting the stage to harvest untapped resources such as offshore wind. These developments could be beneficial to renewable energy developers and present opportunities for motivated businesses and other consumers to make the transition to renewable resources.
Nuclear energy will be part of Governor Murphy’s 2050 100 percent “clean energy” target. A nuclear bill that was also signed by Governor Murphy recognizes that “clean energy” includes nuclear energy as a zero-carbon-emitting resource. The nuclear bill is intended to forestall premature closure of the state’s nuclear fleet, which generates nearly 40 percent of New Jersey’s electric energy output.
The new clean energy law became effective immediately.
To read the full press release, click here.