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Bill

A 6044

Increases solar development goals of SREC-II program and extends certain target dates of program to 2035.

2024-2025 Regular Session Introduced by Robert Karabinchak

Bill extends New Jersey's SREC-II solar program to 2035 with increased development targets, aiming to accelerate solar adoption and climate progress.

Introduced in the Assembly, Referred to Assembly Telecommunications and Utilities Committee
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Bill Summary · A 6044

Legislative bill overview

Bill A 6044 increases solar energy development targets under New Jersey's Solar Renewable Energy Certificate (SREC-II) program and extends key program deadlines from their current expiration dates to 2035. The SREC-II program incentivizes solar installation by allowing solar generators to earn tradeable credits for electricity produced. This bill essentially expands the program's ambitions and gives the industry a longer timeline to meet enhanced goals.

Why is this important

New Jersey is a densely populated state with significant solar potential, and the SREC-II program is a primary mechanism for achieving state renewable energy targets. Extending the program to 2035 with higher goals signals long-term commitment to solar development, which can influence investor confidence, job creation in the solar industry, and progress toward state climate and energy independence objectives. The extended timeline also allows utilities and developers more time to adapt infrastructure and technology.

Potential points of contention

  • Cost to ratepayers: Higher solar development goals may increase electricity costs for New Jersey residents if SREC prices rise or if utilities pass program costs to consumers
  • Competitive market effects: Extended timelines and increased targets could affect electricity market pricing and the viability of other renewable energy sources competing for investment
  • Implementation feasibility: Questions about whether the state has sufficient rooftop and land resources, interconnection capacity, and supply chain capacity to meet significantly expanded targets by 2035

Compiled from official sources — confirm details with the bill’s official record.

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