New Jersey Law Boosts State Solar Energy Market
New Jersey Governor Chris Christie on July 23 signed into law a bill that boosts the state's solar energy market. The legislation, S1925/A2966, addresses an imbalance of the New Jersey Solar Renewable Energy Credits which fostered uncertainty in the market for project developers and end users. Among the effects of the new law is an acceleration in the New Jersey Renewable Portfolio Standard for utilities by about four years. Starting in 2014, utilities will be required to get 2.05% of their power from solar projects, 0.5% more than is currently mandated. By 2028, the amount would rise to 4.1%.
Declining costs and an attractive investment environment caused solar deployment in the state to outpace demand, according to the Solar Energy Industries Association (SEIA). The industry group reported that New Jersey is the second-largest U.S. market for solar energy, and surpassed California in the first quarter of 2012 with 174 megawatts of photovoltaic installations.See the complete bill, the SEIA press release, and a SEIA fact sheet on the law.