Withdraws New Jersey's participation in Regional Greenhouse Gas Initiative; repeals "Global Warming Response Act" and related sections of Regional Greenhouse Gas Initiative implementing law.

A4819

ASSEMBLY, No. 4819

STATE OF NEW JERSEY

222nd LEGISLATURE

�

INTRODUCED MAY 4, 2026

Sponsored by:

Assemblywoman� DAWN FANTASIA

District 24 (Morris, Sussex and Warren)

Assemblyman� PAUL KANITRA

District 10 (Monmouth and Ocean)

Co-Sponsored by:

Assemblymen Scharfenberger, Sauickie and Azzariti Jr.

SYNOPSIS

���� Withdraws New Jersey's participation in Regional
Greenhouse Gas Initiative; repeals "Global Warming Response Act" and
related sections of Regional Greenhouse Gas Initiative implementing law.

CURRENT VERSION OF TEXT

���� As introduced.

��

An Act
withdrawing New Jersey�s participation in the Regional
Greenhouse Gas Initiative, supplementing Title 26 of the Revised Statutes,
repealing the �Global Warming Response Act,� P.L.2007, c.112 and various
sections of P.L.2007, c.340, and amending various sections of the statutory law.

����
Be It
Enacted
by the Senate and General Assembly of
the State of New Jersey:

���� 1.��� (New Section) a. �As
used in this section �Regional Greenhouse Gas Initiative� or �RGGI� means the
cooperative effort to reduce carbon dioxide emissions entered into by the
governors of seven states through a Memorandum of Understanding signed on
December 20, 2005, as amended.

���� b.� The Commissioner of
Environmental Protection shall provide written notice to the RGGI Board of
Directors and each of the signatory states to the RGGI Memorandum of
Understanding, that New Jersey is withdrawing its agreement to the RGGI
Memorandum of Understanding and will be a Non-Signatory State effective 30 days
after the effective date of this act.

���� 2.��� (New Section) All of the
unencumbered moneys in the �Global Warming Solutions Fund,� established
pursuant to section 6 of P.L.2007, c.340 (C.26:2C-50), are hereby transferred
to the General Fund to be made available for ratepayer relief.

���� 3.��� Section 5 of P.L.2009,
c.256 (C.13:1L-33) is amended to read as follows:

���� 5. a. There is established in
the General Fund a special nonlapsing fund, to be known as the "Forest
Stewardship Incentive Fund."� Moneys in the fund shall be dedicated to:

���� (1)�� providing grants to
persons for the purpose of developing and implementing a forest stewardship
plan pursuant to section 3 of P.L.2009, c.256 (C.13:1L-31);

���� (2)�� paying the costs of the
department to develop, implement, and administer the provisions of P.L.2009,
c.256 (C.13:1L-29 et al.); and

���� (3)�� providing for the
stewardship and management of State forests.

���� b.��� The fund shall be
credited with:

���� (1)��
[
the amount
allocated for programs that enhance the stewardship and restoration of the
State's forests pursuant to section 7 of P.L.2007, c.340 (C.26:2C-51) from the
"Global Warming Solutions Fund," established pursuant to section 6 of
P.L.2007, c.340 (C.26:2C-50);
]

(Deleted by amendment, P.L. ,
c. ) (pending before the Legislature as this bill)

���� (2)�� any
[
other
]
moneys as may
be appropriated to the fund by the Legislature or otherwise provided to the
fund; and

���� (3)�� any return on the
investment of moneys deposited in the fund.

���� c.���� In each State fiscal
year, the amount credited to the Forest Stewardship Incentive Fund shall be
appropriated to the fund for the purposes set forth in this section.

���� d.��� The department may award
individual grants of up to $1,500 from the fund to pay for the cost of
developing a forest stewardship plan pursuant to section 3 of P.L.2009, c.256
(C.13:1L-31).� If the cost of developing a forest stewardship plan exceeds
$1,500, the department may also award 80 percent of the cost that exceeds
$1,500 to the owner, up to a maximum grant of $2,500.� Grants from the fund may
be made to local government units, nonprofit organizations, and private owners
of forest land.� Notwithstanding the provisions of this subsection to the
contrary, the amount of the grants prescribed by this subsection may be
adjusted annually by the department in direct proportion to the increase in the
Consumer Price Index for all urban consumers in the New York City area as
reported by the United States Department of Labor.

���� e.���� The department may
award individual grants through a cost-sharing program established pursuant to
subsection c. of section 8 of P.L.2009, c.256 (C.13:1L-36) to private owners
who have obtained a forest stewardship plan approved by the department pursuant
to section 3 of P.L.2009, c.256 (C.13:1L-31).� The department shall expend no
more than $150,000 in any State fiscal year for grants awarded through the
cost-sharing program.

(cf: P.L.2009, c.256, s.5)

���� 4.��� Section 1 of P.L.2022,
c.86 (C.26:2C-8.58) is amended to read as follows:

���� 1. a. No later than six months
after the effective date of P.L.2022, c.86 (C.26:2C-8.58 et al.), the
Department of Environmental Protection shall implement a three-year
"Electric School Bus Program" to determine the operational
reliability and cost effectiveness of replacing diesel-powered school buses
with electric school buses for the daily transportation of students.

���� b.��� On or after the date of
implementation of the program developed pursuant to subsection a. of this
section, and once each year for the next two years thereafter, the Department
of Environmental Protection shall, subject to available funding, select for participation
in the program no less than six school districts and school bus contractors
that operate school buses, as described in section 1 of P.L.1996, c.96
(C.39:3B-1.1), so that during the third year of the program, no less than a
total of 18 school districts or school bus contractors shall have been selected
for participation in the program amongst the northern, central, and southern
regions of the State.� The department shall choose school districts and school
bus contractors to participate in the program based on a competitive grant
solicitation.

���� In each year, the department
shall use its best efforts to select a mix of school districts that operate
their own bus fleets and school districts that contract for school bus
services; provided that, in each year, the department shall award no more than
half of the grants to school bus contractors.� Any school bus contractor
applying to participate in the program shall apply in conjunction with a
specific school district.� In each year, at least half of the school districts
or school bus contractors selected by the department, and at least half of the
grant funding awarded by the department in each year shall be located in a
"low-income, urban, or environmental justice community" as defined in
section 2 of P.L.2019, c.362 (C.48:25-2) and from those selected, the
department shall use its best efforts, in each year, to select, an equal number
of grantees from the northern, central, and southern regions of the State
respectively, subject to deviation based on the applicant pool.� Grants shall
be awarded in a manner that both prioritizes equity and tests a variety of
technological and funding approaches, including but not limited to outright
purchase, leased buses, leveraging of other funding sources, and
vehicle-to-grid or vehicle-to-building technologies.

���� For purposes of this
subsection: "northern," when referring to regions of the State, means
the counties of Bergen, Essex, Hudson, Morris, Passaic, Union, Sussex, and
Warren; "central," when referring to regions of the State, means the
counties of Hunterdon, Mercer, Middlesex, Monmouth, and Somerset; and
"southern," when referring to regions of the State, means the
counties of Atlantic, Burlington, Camden, Cape May, Cumberland, Gloucester,
Ocean, and Salem.

���� c. (1) Under the program, the
department shall award grants to school districts or school bus contractors
selected to participate in the program to purchase or lease electric school
buses and to purchase or lease and install electric school bus charging infrastructure
in coordination with any State department, board, bureau, commission, agency,
public utility as defined pursuant to R.S.48:2-13 that provides electric
service to end users in the State, municipal public utility as defined in
N.J.S.40A:1-1 that provides electric service to end users in the State,
authority as defined in section 3 of P.L.1983, c.313 (C.40A:5A-3) that provides
electric service to end users in the State, or rural electric cooperative
organized under the general corporation laws of this State as necessary.�
Pursuant to any outright purchase or lease arrangement entered into by a school
district or school bus contractor participating in the program, an electric
school bus and charging infrastructure vendor purchase or lease arrangement
shall include, at a minimum, the following:

���� (a) an electric school bus
having a minimum range of 90 miles per full charge, or 30 percent more range
per full charge than the daily maximum miles used by the school district or
school bus contractor, whichever is greater, and having telematics system capabilities.�
The department shall collect data from on-board telematics monitoring systems
in order to evaluate parameters such as idle time, driving time, energy
consumption, and frequency of charging;

���� (b) an electric school bus and
charging infrastructure, as appropriate;

���� (c) appropriate training for
bus maintenance personnel and bus drivers, and other relevant personnel, which
shall be provided at no cost to a bus driver, bus maintenance personnel, or
other relevant personnel; and

���� (d) electric school bus and
charging infrastructure shop manuals and wiring schematics for troubleshooting
and a complete list of component parts.

���� (2) Monies for the
"Electric School Bus Program" shall be used by the Department of
Environmental Protection to provide grants, pursuant to this subsection, over
the three-year period.� In the first year, grants shall be provided in
accordance with P.L.2022, c.86 (C.26:2C-8.58 et al.) in the amount of
$15,000,000 for electrification.� Subject to the availability of funds, grants
shall continue to be provided in accordance with P.L.2022, c.86 (C.26:2C-8.58
et al.) in the amount of $15,000,000 per year for a total of $45,000,000 over
the three-year period.� The department may use available monies to provide
grants, pursuant to this subsection, singly or in combination, from the
following sources: societal benefits charge revenues received pursuant to
section 12 of P.L.1999, c.23 (C.48:3-60);
[
the
"Global Warming Solutions Fund" established pursuant to section 6 of
P.L.2007, c.340 (C.26:2C-50);
]

any
[
available
]
monies
available

from utility programs to upgrade electrical infrastructure for purposes of
electric vehicle charging; any appropriations made by the Legislature for the
program established pursuant to P.L.2022, c.86 (C.26:2C-8.58 et al.); or any
other sources of available funding.� Up to five percent of the monies made
available to the program may be used to administer the program.

���� The department shall determine
the amount of each grant provided pursuant to this subsection and shall award
grants in a manner that provides for the most efficient and highest efficacy
use of the grant.

���� d.��� At least once every six
months, the school districts or school bus contractors selected to participate
in the program shall submit a report to the department detailing the cost to
operate the electric school buses, the electric school bus maintenance records
and transponder data, and any reliability issues related to the operation or
delivery and procurement of the electric school buses.� The first report shall
be submitted six months after the school district or school bus contractor
first completes its initial procurement of electric school buses.

���� e. (1) The department shall,
no less than twice per calendar year, convene a working group which includes a
representative of the Board of Public Utilities, the New Jersey Economic
Development Authority, the Department of Transportation, the Department of
Education, and the New Jersey Motor Vehicle Commission.� The working group
shall review the reports and, as appropriate, troubleshoot and recommend
solutions to any issue raised in a report submitted by a program participant.�
The working group shall consider issues raised in the reports submitted by
program participants and make recommendations regarding program
implementation.� The department may convene the working group on a more
frequent basis as may be required for the effective administration of the
program.� The department shall collect any additional information and data
necessary to complete any report required to be submitted to the Governor and
Legislature pursuant to subsection f. of this section.

���� (2) The department shall
permit a recipient of any grant under any State agency-administered program for
the provision of an electric school bus and electric school bus charging
infrastructure prior to the effective date of P.L.2022, c.86 (C.26:2C-8.58 et
al.) to submit any additional information and data to the department to
complement any data received by the department from program participants
pursuant to this subsection.

���� f.���� The department, in
collaboration with the Board of Public Utilities and the New Jersey Economic
Development Authority shall submit an "Electric School Bus Program"
report to the Governor and, pursuant to section 2 of P.L.1991, c.164
(C.52:14-19.1), to the Legislature.� The report shall be submitted within six
months after the conclusion of the program.

���� The department may use
available monies, singly or in combination from the following sources, to
procure professional services to assist with the development of the report:
societal benefits charge revenues received pursuant to section 12 of P.L.1999,
c.23 (C.48:3-60);
[
the
"Global Warming Solutions Fund" established pursuant to section 6 of
P.L.2007, c.340 (C.26:2C-50);
]

any
[
available
]
monies
available

from utility programs to upgrade electrical infrastructure for purposes of
electric vehicle charging; any appropriations made by the Legislature for the
program established pursuant to P.L.2022, c.86 (C.26:2C-8.58 et al.); or any
other sources of available funding.

���� The submitted report shall
include:

���� (1) a description and
comprehensive review of the program, including but not limited to, an
evaluation of the program's effectiveness;

���� (2) a summary description of
all grants provided under the program, including the names of the recipients,
the amount of funding each recipient received, the current status of the funds
provided to each recipient, and an itemization of the total project budget
including vehicle costs, hardware costs, installation costs, training costs,
and administrative costs;

���� (3) an analysis of the
operational reliability and cost effectiveness of the use of electric school
buses and charging infrastructure by each grantee and steps taken by the
grantee to fix any operational problems;

���� (4) an estimate of the
emission benefits of the electric school buses and charging infrastructure
funded under this program;

���� (5) any preliminary findings
from grant recipients pertaining to design or operation of electric school
buses and charging infrastructure and potential improvements to make the buses
and charging infrastructure safer, more economical or environmentally advantageous;

���� (6) as applicable, depending
on deployment of grant recipients, an analysis of the potential costs and
benefits of using electric school bus batteries for storing power to be
returned to the electric grid or to school buildings during periods of peak electric
power demand;

���� (7) an assessment of
reliability of electric school buses and charging infrastructure; and

���� (8) an analysis of any
additional external changes that the use of electric school buses and charging
infrastructure may require regarding electric service rate schedules, school
bus inspection standards, or any other major considerations.

���� In addition to the information
included pursuant to paragraphs (1) through (8) of this subsection, the final
report shall include recommendations regarding the establishment of grant and
loan programs to provide assistance to school districts and school bus
contractors for the replacement of their bus fleets, other types of financial
agreements to assist school districts and school bus contractors with
implementing and using electric school buses, and the optimization of electric
school bus grant programs to most efficiently and effectively distribute
available funds to maximize environmental and health benefits.

���� The final report shall also
include recommendations for how additional funding may be distributed in the
most efficient and effective manner to maximize the number of electric school
buses operating in the State.

(cf: P.L.2022, c.86, s.1)

���� 5.��� Section 3 of P.L.1999,
c.23 (C.48:3-51) is amended to read as follows:

���� 3.��� As used in P.L.1999,
c.23 (C.48:3-49 et al.):

���� "Assignee" means a
person to which an electric public utility or another assignee assigns, sells,
or transfers, other than as security, all or a portion of its right to or
interest in bondable transition property.� Except as specifically provided in
P.L.1999, c.23 (C.48:3-49 et al.), an assignee shall not be subject to the
public utility requirements of Title 48 or any rules or regulations adopted
pursuant thereto.

���� "Base load electric power
generation facility" means an electric power generation facility intended
to be operated at a greater than 50 percent capacity factor including, but not
limited to, a combined cycle power facility and a combined heat and power
facility.

���� "Base residual
auction" means the auction conducted by PJM, as part of PJM's reliability
pricing model, three years prior to the start of the delivery year to secure
electrical capacity as necessary to satisfy the capacity requirements for that
delivery year.

���� "Basic gas supply
service" means gas supply service that is provided to any customer that
has not chosen an alternative gas supplier, whether or not the customer has
received offers as to competitive supply options, including, but not limited to,
any customer that cannot obtain such service for any reason, including
non-payment for services.� Basic gas supply service is not a competitive
service and shall be fully regulated by the board.

���� "Basic generation
service" or "BGS" means electric generation service that is
provided, to any customer that has not chosen an alternative electric power
supplier, whether or not the customer has received offers for competitive
supply options, including, but not limited to, any customer that cannot obtain
such service from an electric power supplier for any reason, including
non-payment for services.� Basic generation service is not a competitive
service and shall be fully regulated by the board.

���� "Basic generation service
provider" or "provider" means a provider of basic generation
service.

���� "Basic generation service
transition costs" means the amount by which the payments by an electric
public utility for the procurement of power for basic generation service and
related ancillary and administrative costs exceeds the net revenues from the
basic generation service charge established by the board pursuant to section 9
of P.L.1999, c.23 (C.48:3-57) during the transition period, together with
interest on the balance at the board-approved rate, that is reflected in a
deferred balance account approved by the board in an order addressing the
electric public utility's unbundled rates, stranded costs, and restructuring
filings pursuant to P.L.1999, c.23 (C.48:3-49 et al.).� Basic generation
service transition costs shall include, but are not limited to, costs of
purchases from the spot market, bilateral contracts, contracts with non-utility
generators, parting contracts with the purchaser of the electric public
utility's divested generation assets, short-term advance purchases, and
financial instruments such as hedging, forward contracts, and options.� Basic
generation service transition costs shall also include the payments by an
electric public utility pursuant to a competitive procurement process for basic
generation service supply during the transition period, and costs of any such
process used to procure the basic generation service supply.

���� "Board" means the
New Jersey Board of Public Utilities or any successor agency.

���� "Bondable stranded
costs" means any stranded costs or basic generation service transition
costs of an electric public utility approved by the board for recovery pursuant
to the provisions of P.L.1999, c.23 (C.48:3-49 et al.), together with, as approved
by the board: (1) the cost of retiring existing debt or equity capital of the
electric public utility, including accrued interest, premium and other fees,
costs, and charges relating thereto, with the proceeds of the financing of
bondable transition property; (2) if requested by an electric public utility in
its application for a bondable stranded costs rate order, federal, State, and
local tax liabilities associated with stranded costs recovery, basic generation
service transition cost recovery, or the transfer or financing of the property,
or both, including taxes, whose recovery period is modified by the effect of a
stranded costs recovery order, a bondable stranded costs rate order, or both;
and (3) the costs incurred to issue, service, or refinance transition bonds,
including interest, acquisition, or redemption premium, and other financing
costs, whether paid upon issuance or over the life of the transition bonds,
including, but not limited to, credit enhancements, service charges,
overcollateralization, interest rate cap, swap or collar, yield maintenance,
maturity guarantee or other hedging agreements, equity investments, operating
costs, and other related fees, costs, and charges, or to assign, sell, or
otherwise transfer bondable transition property.

���� "Bondable stranded costs
rate order" means one or more irrevocable written orders issued by the
board pursuant to P.L.1999, c.23 (C.48:3-49 et al.) which determines the amount
of bondable stranded costs and the initial amount of transition bond charges
authorized to be imposed to recover the bondable stranded costs, including the
costs to be financed from the proceeds of the transition bonds, as well as
on-going costs associated with servicing and credit enhancing the transition
bonds, and provides the electric public utility specific authority to issue or
cause to be issued, directly or indirectly, transition bonds through a
financing entity and related matters as provided in P.L.1999, c.23 (C.48:3-49
et al.), which order shall become effective immediately upon the written
consent of the related electric public utility to the order as provided in
P.L.1999, c.23 (C.48:3-49 et al.).

���� "Bondable transition
property" means the property consisting of the irrevocable right to
charge, collect, and receive, and be paid from collections of, transition bond
charges in the amount necessary to provide for the full recovery of bondable
stranded costs which are determined to be recoverable in a bondable stranded
costs rate order, all rights of the related electric public utility under the
bondable stranded costs rate order including, without limitation, all rights to
obtain periodic adjustments of the related transition bond charges pursuant to
subsection b. of section 15 of P.L.1999, c.23 (C.48:3-64), and all revenues,
collections, payments, money, and proceeds arising under, or with respect to,
all of the foregoing.

���� "British thermal
unit" or "Btu" means the amount of heat required to increase the
temperature of one pound of water by one degree Fahrenheit.

���� "Broker" means a
duly licensed electric power supplier that assumes the contractual and legal
responsibility for the sale of electric generation service, transmission, or
other services to end-use retail customers, but does not take title to any of
the power sold, or a duly licensed gas supplier that assumes the contractual
and legal obligation to provide gas supply service to end-use retail customers,
but does not take title to the gas.

���� "Brownfield" means
any former or current commercial or industrial site that is currently vacant or
underutilized and on which there has been, or there is suspected to have been,
a discharge of a contaminant.

���� "Buydown" means an
arrangement or arrangements involving the buyer and seller in a given power
purchase contract and, in some cases third parties, for consideration to be
given by the buyer in order to effectuate a reduction in the pricing, or the
restructuring of other terms to reduce the overall cost of the power contract,
for the remaining succeeding period of the purchased power arrangement or
arrangements.

���� "Buyout" means an
arrangement or arrangements involving the buyer and seller in a given power
purchase contract and, in some cases third parties, for consideration to be
given by the buyer in order to effectuate a termination of such power purchase
contract.

���� "Class I renewable
energy" means electric energy produced from solar technologies,
photovoltaic technologies, wind energy, fuel cells, geothermal technologies,
wave or tidal action, small scale hydropower facilities with a capacity of
three megawatts or less and put into service after the effective date of
P.L.2012, c.24, methane gas from landfills, methane gas from a biomass facility
provided that the biomass is cultivated and harvested in a sustainable manner,
or methane gas from a composting or anaerobic or aerobic digestion facility
that converts food waste or other organic waste to energy.

���� "Class II renewable
energy" means electric energy produced at a hydropower facility with a
capacity of greater than three megawatts, but less than 30 megawatts, or a
resource recovery facility, provided that the facility is located where retail
competition is permitted and provided further that the Commissioner of
Environmental Protection has determined that the facility meets the highest
environmental standards and minimizes any impacts to the environment and local
communities.� Class II renewable energy shall not include electric energy
produced at a hydropower facility with a capacity of greater than 30 megawatts
on or after the effective date of P.L.2015, c.51.

���� "Co-generation"
means the sequential production of electricity and steam or other forms of
useful energy used for industrial or commercial heating and cooling purposes.

���� "Combined cycle power
facility" means a generation facility that combines two or more
thermodynamic cycles, by producing electric power via the combustion of fuel
and then routing the resulting waste heat by-product to a conventional boiler
or to a heat recovery steam generator for use by a steam turbine to produce
electric power, thereby increasing the overall efficiency of the generating
facility.

���� "Combined heat and power
facility" or "co-generation facility" means a generation
facility which produces electric energy and steam or other forms of useful
energy such as heat, which are used for industrial or commercial heating or cooling
purposes.� A combined heat and power facility or co-generation facility shall
not be considered a public utility.

���� "Competitive
service" means any service offered by an electric public utility or a gas
public utility that the board determines to be competitive pursuant to section
8 or section 10 of P.L.1999, c.23 (C.48:3-56 or C.48:3-58) or that is not regulated
by the board.

���� "Commercial and
industrial energy pricing class customer" or "CIEP class
customer" means that group of non-residential customers with high peak
demand, as determined by periodic board order, which either is eligible or
which would be eligible, as determined by periodic board order, to receive
funds from the Retail Margin Fund established pursuant to section 9 of
P.L.1999, c.23 (C.48:3-57) and for which basic generation service is
hourly-priced.

���� "Comprehensive resource
analysis" means an analysis including, but not limited to, an assessment
of existing market barriers to the implementation of energy efficiency and
renewable technologies that are not or cannot be delivered to customers through
a competitive marketplace.

���� "Community solar
facility" means a solar electric power generation facility participating
in the Community Solar Energy Pilot Program or the Community Solar Energy
Program developed by the board pursuant to section 5 of P.L.2018, c.17
(C.48:3-87.11).

���� "Connected to the
distribution system" means, for a solar electric power generation
facility, that the facility is: (1) connected to a net metering customer's side
of a meter, regardless of the voltage at which that customer connects to the
electric grid; (2) an on-site generation facility; (3) qualified for net
metering aggregation as provided pursuant to paragraph (4) of subsection e. of
section 38 of P.L.1999, c.23 (C.48:3-87); (4) owned or operated by an electric
public utility and approved by the board pursuant to section 13 of P.L.2007,
c.340 (C.48:3-98.1); (5) directly connected to the electric grid at 69
kilovolts or less, regardless of how an electric public utility classifies that
portion of its electric grid, and is designated as "connected to the
distribution system" by the board pursuant to subsections q. through s. of
section 38 of P.L.1999, c.23 (C.48:3-87); or (6) is certified by the board, in
consultation with the Department of Environmental Protection, as being located
on a brownfield, on an area of historic fill, or on a properly closed sanitary
landfill facility.� Any solar electric power generation facility, other than
that of a net metering customer on the customer's side of the meter, connected
above 69 kilovolts shall not be considered connected to the distribution
system.

���� "Contaminated site or
landfill" means: (1) any currently contaminated portion of a property on
which industrial or commercial operations were conducted and a discharge
occurred, and its associated disturbed areas, where "discharge" means
the same as the term is defined in section 23 of P.L.1993, c.139 (C.58:10B-1);
or (2) a properly closed sanitary landfill facility and its associated
disturbed areas.

���� "Customer" means any
person that is an end user and is connected to any part of the transmission and
distribution system within an electric public utility's service territory or a
gas public utility's service territory within this State.

���� "Customer account
service" means metering, billing, or such other administrative activity
associated with maintaining a customer account.

���� "Delivery year" or
"DY" means the 12-month period from June 1st through May 31st,
numbered according to the calendar year in which it ends.

���� "Demand side
management" means the management of customer demand for energy service
through the implementation of cost-effective energy efficiency technologies,
including, but not limited to, installed conservation, load management, and
energy efficiency measures on and in the residential, commercial, industrial,
institutional, and governmental premises and facilities in this State.

���� "Electric generation
service" means the provision of retail electric energy and capacity which
is generated off-site from the location at which the consumption of such
electric energy and capacity is metered for retail billing purposes, including
agreements and arrangements related thereto.

���� "Electric power
generator" means an entity that proposes to construct, own, lease, or
operate, or currently owns, leases, or operates, an electric power production
facility that will sell or does sell at least 90 percent of its output, either
directly or through a marketer, to a customer or customers located at sites
that are not on or contiguous to the site on which the facility will be located
or is located.� The designation of an entity as an electric power generator for
the purposes of P.L.1999, c.23 (C.48:3-49 et al.) shall not, in and of itself,
affect the entity's status as an exempt wholesale generator under the Public
Utility Holding Company Act of 1935, 15 U.S.C. s.79 et seq., or its successor
act.

���� "Electric power
supplier" means a person or entity that is duly licensed pursuant to the
provisions of P.L.1999, c.23 (C.48:3-49 et al.) to offer and to assume the
contractual and legal responsibility to provide electric generation service to
retail customers, and includes load serving entities, marketers, and brokers
that offer or provide electric generation service to retail customers.� The
term excludes an electric public utility that provides electric generation
service only as a basic generation service pursuant to section 9 of P.L.1999,
c.23 (C.48:3-57).

���� "Electric public
utility" means a public utility, as that term is defined in R.S.48:2-13,
that transmits and distributes electricity to end users within this State.

���� "Electric related
service" means a service that is directly related to the consumption of
electricity by an end user, including, but not limited to, the installation of
demand side management measures at the end user's premises, the maintenance,
repair, or replacement of appliances, lighting, motors, or other
energy-consuming devices at the end user's premises, and the provision of
energy consumption measurement and billing services.

���� "Electronic
signature" means an electronic sound, symbol, or process, attached to, or
logically associated with, a contract or other record, and executed or adopted
by a person with the intent to sign the record.

���� "Eligible generator"
means a developer of a base load or mid-merit electric power generation
facility including, but not limited to, an on-site generation facility that
qualifies as a capacity resource under PJM criteria and that commences construction
after the effective date of P.L.2011, c.9 (C.48:3-98.2 et al.).

���� "Energy agent" means
a person that is duly registered pursuant to the provisions of P.L.1999, c.23
(C.48:3-49 et al.), that arranges the sale of retail electricity or electric
related services, or retail gas supply or gas related services, between
government aggregators or private aggregators and electric power suppliers or
gas suppliers, but does not take title to the electric or gas sold.

���� "Energy consumer"
means a business or residential consumer of electric generation service or gas
supply service located within the territorial jurisdiction of a government
aggregator.

���� "Energy efficiency
portfolio standard" means a requirement to procure a specified amount of
energy efficiency or demand side management resources as a means of managing
and reducing energy usage and demand by customers.

���� "Energy year" or
"EY" means the 12-month period from June 1st through May 31st,
numbered according to the calendar year in which it ends.

���� "Existing business
relationship" means a relationship formed by a voluntary two-way
communication between an electric power supplier, gas supplier, broker, energy
agent, marketer, private aggregator, sales representative, or telemarketer and
a customer, regardless of an exchange of consideration, on the basis of an
inquiry, application, purchase, or transaction initiated by the customer
regarding products or services offered by the electric power supplier, gas
supplier, broker, energy agent, marketer, private aggregator, sales
representative, or telemarketer; however, a consumer's use of electric
generation service or gas supply service through the consumer's electric public
utility or gas public utility shall not constitute or establish an existing
business relationship for the purpose of P.L.2013, c.263.

���� "Farmland" means
land actively devoted to agricultural or horticultural use that is valued,
assessed, and taxed pursuant to the "Farmland Assessment Act of
1964," P.L.1964, c.48 (C.54:4-23.1 et seq.).

���� "Federal Energy
Regulatory Commission" or "FERC" means the federal agency
established pursuant to 42 U.S.C. s.7171 et seq. to regulate the interstate
transmission of electricity, natural gas, and oil.

���� "Final remediation
document" shall have the same meaning as provided in section 3 of
P.L.1976, c.141 (C.58:10-23.11b).

���� "Financing entity"
means an electric public utility, a special purpose entity, or any other
assignee of bondable transition property, which issues transition bonds.�
Except as specifically provided in P.L.1999, c.23 (C.48:3-49 et al.), a financing
entity which is not itself an electric public utility shall not be subject to
the public utility requirements of Title 48 of the Revised Statutes or any
rules or regulations adopted pursuant thereto.

���� "Gas public utility"
means a public utility, as that term is defined in R.S.48:2-13, that
distributes gas to end users within this State.

���� "Gas related
service" means a service that is directly related to the consumption of
gas by an end user, including, but not limited to, the installation of demand
side management measures at the end user's premises, the maintenance, repair or
replacement of appliances or other energy-consuming devices at the end user's
premises, and the provision of energy consumption measurement and billing
services.

���� "Gas supplier" means
a person that is duly licensed pursuant to the provisions of P.L.1999, c.23
(C.48:3-49 et al.) to offer and assume the contractual and legal obligation to
provide gas supply service to retail customers, and includes, but is not
limited to, marketers and brokers. A non-public utility affiliate of a public
utility holding company may be a gas supplier, but a gas public utility or any
subsidiary of a gas utility is not a gas supplier.� In the event that a gas
public utility is not part of a holding company legal structure, a related
competitive business segment of that gas public utility may be a gas supplier,
provided that related competitive business segment is structurally separated
from the gas public utility, and provided that the interactions between the gas
public utility and the related competitive business segment are subject to the
affiliate relations standards adopted by the board pursuant to subsection k. of
section 10 of P.L.1999, c.23 (C.48:3-58).

���� "Gas supply service"
means the provision to customers of the retail commodity of gas, but does not
include any regulated distribution service.

���� "Government
aggregator" means any government entity subject to the requirements of the
"Local Public Contracts Law," P.L.1971, c.198 (C.40A:11-1 et seq.),
the "Public School Contracts Law," N.J.S.18A:18A-1 et seq., or the "County
College Contracts Law," P.L.1982, c.189 (C.18A:64A-25.1 et seq.), that
enters into a written contract with a licensed electric power supplier or a
licensed gas supplier for: (1) the provision of electric generation service,
electric related service, gas supply service, or gas related service for its
own use or the use of other government aggregators; or (2) if a municipal or
county government, the provision of electric generation service or gas supply
service on behalf of business or residential customers within its territorial jurisdiction.

���� "Government energy
aggregation program" means a program and procedure pursuant to which a
government aggregator enters into a written contract for the provision of
electric generation service or gas supply service on behalf of business or
residential customers within its territorial jurisdiction.

���� "Governmental
entity" means any federal, state, municipal, local, or other governmental
department, commission, board, agency, court, authority, or instrumentality
having competent jurisdiction.

���� "Green Acres
program" means the program for the acquisition of lands for recreation and
conservation purposes pursuant to P.L.1961, c.45 (C.13:8A-1 et seq.), P.L.1971,
c.419 (C.13:8A-19 et seq.), P.L.1975, c.155 (C.13:8A-35 et seq.), any Green Acres
bond act, P.L.1999, c.152 (C.13:8C-1 et seq.), and P.L.2016, c.12 (C.13:8C-43
et seq.).

����
[
"Greenhouse gas emissions
portfolio standard" means a requirement that addresses or limits the
amount of carbon dioxide emissions indirectly resulting from the use of
electricity as applied to any electric power suppliers and basic generation service
providers of electricity.
]

���� "Grid supply solar
facility" means a solar electric power generation facility that sells
electricity at wholesale and is connected to the State's electric distribution
or transmission systems.� "Grid supply solar facility" does not include:
(1) a net metered solar facility; (2) an on-site generation facility; (3) a
facility participating in net metering aggregation pursuant to section 38 of
P.L.1999, c.23 (C.48:3-87); (4) a facility participating in remote net
metering; or (5) a community solar facility.

���� "Historic fill"
means generally large volumes of non-indigenous material, no matter what date
they were emplaced on the site, used to raise the topographic elevation of a
site, which were contaminated prior to emplacement and are in no way connected
with the operations at the location of emplacement and which include, but are
not limited to, construction debris, dredge spoils, incinerator residue,
demolition debris, fly ash, and non-hazardous solid waste.� "Historic
fill" shall not include any material which is substantially chromate
chemical production waste or any other chemical production waste or waste from
processing of metal or mineral ores, residues, slags, or tailings.

���� "Incremental
auction" means an auction conducted by PJM, as part of PJM's reliability
pricing model, prior to the start of the delivery year to secure electric
capacity as necessary to satisfy the capacity requirements for that delivery
year, that is not otherwise provided for in the base residual auction.

����
[
"Leakage" means an
increase in greenhouse gas emissions related to generation sources located
outside of the State that are not subject to a state, interstate, or regional
greenhouse gas emissions cap or standard that applies to generation sources
located within the State.
]

���� "Locational
deliverability area" or "LDA" means one or more of the zones
within the PJM region which are used to evaluate area transmission constraints
and reliability issues including electric public utility company zones,
sub-zones, and combinations of zones.

���� "Long-term capacity
agreement pilot program" or "LCAPP" means a pilot program
established by the board that includes participation by eligible generators, to
seek offers for financially-settled standard offer capacity agreements with eligible
generators pursuant to the provisions of P.L.2011, c.9 (C.48:3-98.2 et al.).

���� "Market transition
charge" means a charge imposed pursuant to section 13 of P.L.1999, c.23
(C.48:3-61) by an electric public utility, at a level determined by the board,
on the electric public utility customers for a limited duration transition
period to recover stranded costs created as a result of the introduction of
electric power supply competition pursuant to the provisions of P.L.1999, c.23
(C.48:3-49 et al.).

���� "Marketer" means a
duly licensed electric power supplier that takes title to electric energy and
capacity, transmission, and other services from electric power generators and
other wholesale suppliers and then assumes the contractual and legal obligation
to provide electric generation service, and may include transmission and other
services, to an end-use retail customer or customers, or a duly licensed gas
supplier that takes title to gas and then assumes the contractual and legal
obligation to provide gas supply service to an end-use customer or customers.

���� "Mid-merit electric power
generation facility" means a generation facility that operates at a
capacity factor between baseload generation facilities and peaker generation
facilities.

���� "Net metered solar
facility" means a solar electric power generation facility participating
in the net metering program developed by the board pursuant to subsection e. of
section 38 of P.L.1999, c.23 (C.48:3-87) or in a substantially similar program
operated by a utility owned or operated by a local government unit.

���� "Net metering
aggregation" means a procedure for calculating the combination of the
annual energy usage for all facilities owned by a single customer where such
customer is a State entity, school district, county, county agency, county
authority, municipality, municipal agency, or municipal authority, and which
are served by a solar electric power generating facility as provided pursuant
to paragraph (4) of subsection e. of section 38 of P.L.1999, c.23 (C.48:3-87).

���� "Net proceeds" means
proceeds less transaction and other related costs as determined by the board.

���� "Net revenues" means
revenues less related expenses, including applicable taxes, as determined by
the board.

���� "Offshore wind
energy" means electric energy produced by a qualified offshore wind
project.

���� "Offshore wind renewable
energy certificate" or "OREC" means a certificate, issued by the
board or its designee, representing the environmental attributes of one
megawatt hour of electric generation from a qualified offshore wind project.

���� "Off-site end use thermal
energy services customer" means an end use customer that purchases thermal
energy services from an on-site generation facility, combined heat and power
facility, or co-generation facility, and that is located on property that is
separated from the property on which the on-site generation facility, combined
heat and power facility, or co-generation facility is located by more than one
easement, public thoroughfare, or transportation or utility-owned right-of-way.

���� "On-site generation
facility" means a generation facility, including, but not limited to, a
generation facility that produces Class I or Class II renewable energy, and
equipment and services appurtenant to electric sales by such facility to the
end use customer located on the property or on property contiguous to the
property on which the end user is located.� An on-site generation facility
shall not be considered a public utility.� The property of the end use customer
and the property on which the on-site generation facility is located shall be
considered contiguous if they are geographically located next to each other,
but may be otherwise separated by an easement, public thoroughfare,
transportation or utility-owned right-of-way, or if the end use customer is
purchasing thermal energy services produced by the on-site generation facility,
for use for heating or cooling, or both, regardless of whether the customer is
located on property that is separated from the property on which the on-site
generation facility is located by more than one easement, public thoroughfare,
or transportation or utility-owned right-of-way.

���� "Open access offshore
wind transmission facility" means an open access transmission facility,
located either in the Atlantic Ocean or offshore, used to facilitate the
collection of offshore wind energy or its delivery to the electronic transmission
system in this State.

���� "Person" means an
individual, partnership, corporation, association, trust, limited liability
company, governmental entity, or other legal entity.

���� "PJM Interconnection,
L.L.C." or "PJM" means the privately-held, limited liability
corporation that serves as a FERC-approved Regional Transmission Organization,
or its successor, that manages the regional, high-voltage electricity grid
serving all or parts of 13 states including New Jersey and the District of
Columbia, operates the regional competitive wholesale electric market, manages
the regional transmission planning process, and establishes systems and rules
to ensure that the regional and in-State energy markets operate fairly and
efficiently.

���� "Preliminary
assessment" shall have the same meaning as provided in section 3 of
P.L.1976, c.141 (C.58:10-23.11b).

���� "Preserved farmland"
means land on which a development easement was conveyed to, or retained by, the
State Agriculture Development Committee, a county agriculture development
board, or a qualifying tax exempt nonprofit organization pursuant to the
provisions of section 24 of P.L.1983, c.32 (C.4:1C-31), section 5 of P.L.1988,
c.4 (C.4:1C-31.1), section 1 of P.L.1989, c.28 (C.4:1C-38), section 1 of
P.L.1999, c.180 (C.4:1C-43.1), sections 37 through 40 of P.L.1999, c.152
(C.13:8C-37 through C.13:8C-40), or any other State law enacted for farmland
preservation purposes.

���� "Private aggregator"
means a non-government aggregator that is a duly-organized business or
non-profit organization authorized to do business in this State that enters
into a contract with a duly licensed electric power supplier for the purchase
of electric energy and capacity, or with a duly licensed gas supplier for the
purchase of gas supply service, on behalf of multiple end-use customers by
combining the loads of those customers.

���� "Properly closed sanitary
landfill facility" means a sanitary landfill facility, or a portion of a
sanitary landfill facility, for which performance is complete with respect to
all activities associated with the design, installation, purchase, or
construction of all measures, structures, or equipment required by the
Department of Environmental Protection, pursuant to law, in order to prevent,
minimize, or monitor pollution or health hazards resulting from a sanitary
landfill facility subsequent to the termination of operations at any portion
thereof, including, but not necessarily limited to, the placement of earthen or
vegetative cover, and the installation of methane gas vents or monitors and
leachate monitoring wells or collection systems at the site of any sanitary
landfill facility.

���� "Public utility holding
company" means: (1) any company that, directly or indirectly, owns,
controls, or holds with power to vote, 10 percent or more of the outstanding
voting securities of an electric public utility or a gas public utility or of a
company which is a public utility holding company by virtue of this definition,
unless the Securities and Exchange Commission, or its successor, by order
declares such company not to be a public utility holding company under the
Public Utility Holding Company Act of 1935, 15 U.S.C. s.79 et seq., or its
successor; or (2) any person that the Securities and Exchange Commission, or
its successor, determines, after notice and opportunity for hearing, directly
or indirectly, to exercise, either alone or pursuant to an arrangement or
understanding with one or more other persons, such a controlling influence over
the management or policies of an electric public utility or a gas public
utility or public utility holding company as to make it necessary or
appropriate in the public interest or for the protection of investors or
consumers that such person be subject to the obligations, duties, and
liabilities imposed in the Public Utility Holding Company Act of 1935, 15
U.S.C. s.79 et seq., or its successor act.

���� "Qualified offshore wind
project" means a wind turbine electricity generation facility in the
Atlantic Ocean and connected to the electric transmission system in this State,
and includes the associated transmission-related interconnection facilities and
equipment, and approved by the board pursuant to section 3 of P.L.2010, c.57
(C.48:3-87.1).

���� "Registration
program" means an administrative process developed by the board pursuant
to subsection u. of section 38 of P.L.1999, c.23 (C.48:3-87) that requires all
owners of solar electric power generation facilities connected to the distribution
system that intend to generate SRECs, to file with the board documents
detailing the size, location, interconnection plan, land use, and other project
information as required by the board.

���� "Regulatory asset"
means an asset recorded on the books of an electric public utility or gas
public utility pursuant to the Statement of Financial Accounting Standards, No.
71, entitled "Accounting for the Effects of Certain Types of Regulation,"
or any successor standard and as deemed recoverable by the board.

���� "Related competitive
business segment of an electric public utility or gas public utility"
means any business venture of an electric public utility or gas public utility
including, but not limited to, functionally separate business units, joint
ventures, and partnerships, that offers to provide or provides competitive
services.

���� "Related competitive
business segment of a public utility holding company" means any business
venture of a public utility holding company, including, but not limited to,
functionally separate business units, joint ventures, and partnerships and
subsidiaries, that offers to provide or provides competitive services, but does
not include any related competitive business segments of an electric public
utility or gas public utility.

���� "Reliability pricing
model" or "RPM" means PJM's capacity-market model, and its
successors, that secures capacity on behalf of electric load serving entities
to satisfy load obligations not satisfied through the output of electric generation
facilities owned by those entities, or otherwise secured by those entities
through bilateral contracts.

���� "Renewable energy
certificate" or "REC" means a certificate representing the
environmental benefits or attributes of one megawatt-hour of generation from a
generating facility that produces Class I or Class II renewable energy, but shall
not include a solar renewable energy certificate or an offshore wind renewable
energy certificate.

���� "Resource clearing
price" or "RCP" means the clearing price established for the
applicable locational deliverability area by the base residual auction or
incremental auction, as determined by the optimization algorithm for each
auction, conducted by PJM as part of PJM's reliability pricing model.

���� "Resource recovery
facility" means a solid waste facility constructed and operated for the
incineration of solid waste for energy production and the recovery of metals
and other materials for reuse, which the Department of Environmental Protection
has determined to be in compliance with current environmental standards,
including, but not limited to, all applicable requirements of the federal
"Clean Air Act" (42 U.S.C. s.7401 et seq.).

���� "Restructuring related
costs" means reasonably incurred costs directly related to the
restructuring of the electric power industry, including the closure, sale,
functional separation, and divestiture of generation and other competitive
utility assets by a public utility, or the provision of competitive services as
those costs are determined by the board, and which are not stranded costs as
defined in P.L.1999, c.23 (C.48:3-49 et al.) but may include, but not be
limited to, investments in management information systems, and which shall
include expenses related to employees affected by restructuring which result in
efficiencies and which result in benefits to ratepayers, such as training or
retraining at the level equivalent to one year's training at a vocational or
technical school or county community college, the provision of severance pay of
two weeks of base pay for each year of full-time employment, and a maximum of
24 months' continued health care coverage.� Except as to expenses related to
employees affected by restructuring, "restructuring related costs"
shall not include going forward costs.

���� "Retail choice"
means the ability of retail customers to shop for electric generation or gas
supply service from electric power or gas suppliers, or opt to receive basic
generation service or basic gas service, and the ability of an electric power
or gas supplier to offer electric generation service or gas supply service to
retail customers, consistent with the provisions of P.L.1999, c.23 (C.48:3-49
et al.).

���� "Retail margin"
means an amount, reflecting differences in prices that electric power suppliers
and electric public utilities may charge in providing electric generation
service and basic generation service, respectively, to retail customers, excluding
residential customers, which the board may authorize to be charged to
categories of basic generation service customers of electric public utilities
in this State, other than residential customers, under the board's continuing
regulation of basic generation service pursuant to sections 3 and 9 of
P.L.1999, c.23 (C.48:3-51 and 48:3-57), for the purpose of promoting a
competitive retail market for the supply of electricity.

���� "Sales
representative" means a person employed by, acting on behalf of, or as an
independent contractor for, an electric power supplier, gas supplier, broker,
energy agent, marketer, or private aggregator who, by any means, solicits a
potential residential customer for the provision of electric generation service
or gas supply service.

���� "Sanitary landfill
facility" shall have the same meaning as provided in section 3 of
P.L.1970, c.39 (C.13:1E-3).

���� "School district"
means a local or regional school district established pursuant to chapter 8 or
chapter 13 of Title 18A of the New Jersey Statutes, a county special services
school district established pursuant to article 8 of chapter 46 of Title 18A of
the New Jersey Statutes, a county vocational school district established
pursuant to article 3 of chapter 54 of Title 18A of the New Jersey Statutes,
and a district under full State intervention pursuant to P.L.1987, c.399
(C.18A:7A-34 et al.).

���� "Shopping credit"
means an amount deducted from the bill of an electric public utility customer
to reflect the fact that the customer has switched to an electric power
supplier and no longer takes basic generation service from the electric public
utility.

���� "Site investigation"
shall have the same meaning as provided in section 3 of P.L.1976, c.141
(C.58:10-23.11b).

���� "Small scale hydropower
facility" means a facility located within this State that is connected to
the distribution system, and that meets the requirements of, and has been
certified by, a nationally recognized low-impact hydropower organization that
has established low-impact hydropower certification criteria applicable to: (1)
river flows; (2) water quality; (3) fish passage and protection; (4) watershed
protection; (5) threatened and endangered species protection; (6) cultural
resource protection; (7) recreation; and (8) facilities recommended for
removal.

���� "Social program"
means a program implemented with board approval to provide assistance to a
group of disadvantaged customers, to provide protection to consumers, or to
accomplish a particular societal goal, and includes, but is not limited to, the
winter moratorium program, utility practices concerning "bad debt"
customers, low income assistance, deferred payment plans, weatherization
programs, and late payment and deposit policies, but does not include any
demand side management program or any environmental requirements or controls.

���� "Societal benefits
charge" means a charge imposed by an electric public utility, at a level
determined by the board, pursuant to, and in accordance with, section 12 of
P.L.1999, c.23 (C.48:3-60).

���� "Solar alternative
compliance payment" or "SACP" means a payment of a certain
dollar amount per megawatt hour (MWh) which an electric power supplier or
provider may submit to the board in order to comply with the solar electric
generation requirements under section 38 of P.L.1999, c.23 (C.48:3-87).

���� "Solar renewable energy
certificate" or "SREC" means a certificate issued by the board
or its designee, representing one megawatt hour (MWh) of solar energy that is
generated by a facility connected to the distribution system in this State and
has value based upon, and driven by, the energy market.

���� "Solar renewable energy
certificate II" or "SREC-II" means a transferable certificate,
issued by the board or its designee pursuant to P.L.2021, c.169 (C.48:3-114 et
al.), which is capable of counting towards the renewable energy portfolio
standards of an electric power supplier or basic generation service provider in
the State pursuant to section 38 of P.L.1999, c.23 (C.48:3-87).

���� "SREC-II program"
means the program established pursuant to section 2 of P.L.2021, c.169
(C.48:3-115) to distribute SREC-IIs.

���� "SREC-II value per
megawatt-hour" means the value, in dollars-per-megawatt-hour, assigned by
the board to each solar electric power generation facility eligible to receive
SREC-IIs, which is paid to the facility and which represents the environmental
attributes of the facility.

���� "Standard offer capacity
agreement" or "SOCA" means a financially-settled transaction
agreement, approved by board order, that provides for eligible generators to
receive payments from the electric public utilities for a defined amount of
electric capacity for a term to be determined by the board but not to exceed 15
years, and for such payments to be a fully non-bypassable charge, with such an
order, once issued, being irrevocable.

���� "Standard offer capacity
price" or "SOCP" means the capacity price that is fixed for the
term of the SOCA and which is the price to be received by eligible generators
under a board-approved SOCA.

���� "State entity" means
a department, agency, or office of State government, a State university or
college, or an authority created by the State.

���� "Stranded cost"
means the amount by which the net cost of an electric public utility's electric
generating assets or electric power purchase commitments, as determined by the
board consistent with the provisions of P.L.1999, c.23 (C.48:3-49 et al.),
exceeds the market value of those assets or contractual commitments in a
competitive supply marketplace and the costs of buydowns or buyouts of power
purchase contracts.

���� "Stranded costs recovery
order" means each order issued by the board in accordance with subsection
c. of section 13 of P.L.1999, c.23 (C.48:3-61) which sets forth the amount of
stranded costs, if any, the board has determined an electric public utility is
eligible to recover and collect in accordance with the standards set forth in
section 13 of P.L.1999, c.23 (C.48:3-61) and the recovery mechanisms therefor.

���� "Telemarketer" shall
have the same meaning as set forth in section 2 of P.L.2003, c.76 (C.56:8-120).

���� "Telemarketing sales
call" means a telephone call made by a telemarketer to a potential
residential customer as part of a plan, program, or campaign to encourage the
customer to change the customer's electric power supplier or gas supplier.� A telephone
call made to an existing customer of an electric power supplier, gas supplier,
broker, energy agent, marketer, private aggregator, or sales representative,
for the sole purpose of collecting on accounts or following up on contractual
obligations, shall not be deemed a telemarketing sales call.� A telephone call
made in response to an express written request of a customer shall not be
deemed a telemarketing sales call.

���� "Thermal efficiency"
means the useful electric energy output of a facility, plus the useful thermal
energy output of the facility, expressed as a percentage of the total energy
input to the facility.

���� "Transition bond
charge" means a charge, expressed as an amount per kilowatt hour, that is
authorized by and imposed on electric public utility ratepayers pursuant to a
bondable stranded costs rate order, as modified at any time pursuant to the
provisions of P.L.1999, c.23 (C.48:3-49 et al.).

���� "Transition bonds"
means bonds, notes, certificates of participation, beneficial interest, or
other evidences of indebtedness or ownership issued pursuant to an indenture,
contract, or other agreement of an electric public utility or a financing
entity, the proceeds of which are used, directly or indirectly, to recover,
finance or refinance bondable stranded costs and which are, directly or
indirectly, secured by or payable from bondable transition property. References
in P.L.1999, c.23 (C.48:3-49 et al.) to principal, interest, and acquisition or
redemption premium with respect to transition bonds which are issued in the
form of certificates of participation or beneficial interest or other evidences
of ownership shall refer to the comparable payments on such securities.

���� "Transition period"
means the period from August 1, 1999 through July 31, 2003.

���� "Transmission and
distribution system" means, with respect to an electric public utility,
any facility or equipment that is used for the transmission, distribution, or
delivery of electricity to the customers of the electric public utility including,
but not limited to, the land, structures, meters, lines, switches, and all
other appurtenances thereof and thereto, owned or controlled by the electric
public utility within this State.

���� "Universal service"
means any service approved by the board with the purpose of assisting
low-income residential customers in obtaining or retaining electric generation
or delivery service.

���� "Unsolicited
advertisement" means any advertising claims of the commercial availability
or quality of services provided by an electric power supplier, gas supplier,
broker, energy agent, marketer, private aggregator, sales representative, or telemarketer
which is transmitted to a potential customer without that customer's prior
express invitation or permission.

(cf: P.L.2021, c.169, s.9)

���� 6.��� Section 38 of P.L.1999,
c.23 (C.48:3-87) is amended to read as follows:

���� 38.� a.� The board shall
require an electric power supplier or basic generation service provider to
disclose on a customer's bill or on customer contracts or marketing materials,
a uniform, common set of information about the environmental characteristics of
the energy purchased by the customer, including, but not limited to:

���� (1)�� Its fuel mix, including
categories for oil, gas, nuclear, coal, solar, hydroelectric, wind and biomass,
or a regional average determined by the board;

���� (2)�� Its emissions, in pounds
per megawatt hour, of sulfur dioxide, carbon dioxide, oxides of nitrogen, and
any other pollutant that the board may determine to pose an environmental or
health hazard, or an emissions default to be determined by the board; and

���� (3)�� Any discrete emission
reduction retired pursuant to rules and regulations adopted pursuant to
P.L.1995, c.188.

���� b.��� Notwithstanding any
provisions of the "Administrative Procedure Act," P.L.1968, c.410
(C.52:14B-1 et seq.) to the contrary, the board shall initiate a proceeding and
shall adopt, in consultation with the Department of Environmental Protection, after
notice and opportunity for public comment and public hearing, interim standards
to implement this disclosure requirement, including, but not limited to:

���� (1)�� A methodology for
disclosure of emissions based on output pounds per megawatt hour;

���� (2)�� Benchmarks for all
suppliers and basic generation service providers to use in disclosing emissions
that will enable consumers to perform a meaningful comparison with a supplier's
or basic generation service provider's emission levels; and

���� (3)�� A uniform emissions
disclosure format that is graphic in nature and easily understandable by
consumers.� The board shall periodically review the disclosure requirements to
determine if revisions to the environmental disclosure system as implemented
are necessary.

���� Such standards shall be
effective as regulations immediately upon filing with the Office of
Administrative Law and shall be effective for a period not to exceed 18 months,
and may, thereafter, be amended, adopted or readopted by the board in
accordance with the provisions of the "Administrative Procedure Act."

���� c. (1) The board may adopt, in
consultation with the Department of Environmental Protection, after notice and
opportunity for public comment, an emissions portfolio standard applicable to
all electric power suppliers and basic generation service providers, upon a
finding that:

���� (a)�� The standard is
necessary as part of a plan to enable the State to meet federal Clean Air Act
or State ambient air quality standards; and

���� (b)�� Actions at the regional
or federal level cannot reasonably be expected to achieve the compliance with
the federal standards.

���� (2)��
[
By July 1,
2009, the
]

The
board shall adopt
[
,
pursuant to the "Administrative Procedure Act," P.L.1968, c.410
(C.52:14B-1 et seq.), a greenhouse gas
]

an
emissions portfolio standard
[
to
mitigate leakage or another regulatory mechanism to mitigate leakage
]
applicable to
all electric power suppliers and basic generation service providers
[
that provide
electricity to customers within the State.
�
The
greenhouse gas emissions portfolio standard or any other regulatory mechanism
to mitigate leakage shall:

���� (a)�� Allow a transition
period, either before or after the effective date of the regulation to mitigate
leakage, for a basic generation service provider or electric power supplier to
either meet the emissions portfolio standard or other regulatory mechanism to
mitigate leakage, or to transfer any customer to a basic generation service
provider or electric power supplier that meets the emissions portfolio standard
or other regulatory mechanism to mitigate leakage.� If the transition period
allowed pursuant to this subparagraph occurs after the implementation of an
emissions portfolio standard or other regulatory mechanism to mitigate leakage,
the transition period shall be no longer than three years; and

���� (b)�� Exempt the provision of
basic generation service pursuant to a basic generation service purchase and
sale agreement effective prior to the date of the regulation.

���� Unless the Attorney General or
the Attorney General's designee determines that a greenhouse gas emissions
portfolio standard would unconstitutionally burden interstate commerce or would
be preempted by federal law, the adoption by the board of an electric energy
efficiency portfolio standard pursuant to subsection g. of this section, a gas
energy efficiency portfolio standard pursuant to subsection h. of this section,
or any other enhanced energy efficiency policies to mitigate leakage shall not
be considered sufficient to fulfill the requirement of this subsection for the
adoption of a greenhouse gas emissions portfolio standard or any other
regulatory mechanism to mitigate leakage
]

, if two other states in the PJM power pool comprising of at least 40
percent of the retail electric usage in the PJM Interconnection, L.L.C.
independent system operator or its successor adopt such standards
.

���� d.��� Notwithstanding any
provisions of the "Administrative Procedure Act," P.L.1968, c.410
(C.52:14B-1 et seq.) to the contrary, the board shall initiate a proceeding and
shall adopt, after notice, provision of the opportunity for comment, and public
hearing, renewable energy portfolio standards that shall require:

���� (1)�� that two and one-half
percent of the kilowatt hours sold in this State by each electric power
supplier and each basic generation service provider be from Class II renewable
energy sources;

���� (2)�� beginning on January 1,
2020, that 21 percent of the kilowatt hours sold in this State by each electric
power supplier and each basic generation service provider be from Class I
renewable energy sources.� The board shall increase the required percentage for
Class I renewable energy sources so that by January 1, 2025, 35 percent of the
kilowatt hours sold in this State by each electric power supplier and each
basic generation service provider shall be from Class I renewable energy
sources, and by January 1, 2030, 50 percent of the kilowatt hours sold in this
State by each electric power supplier and each basic generation service
provider shall be from Class I renewable energy sources.� Notwithstanding the
requirements of this subsection, the board shall ensure that the cost to
customers of the Class I renewable energy requirement imposed pursuant to this
subsection shall not exceed nine percent of the total paid for electricity by
all customers in the State for energy year 2019, energy year 2020, and energy year
2021, respectively, and shall not exceed seven percent of the total paid for
electricity by all customers in the State in any energy year thereafter;
provided that, if in energy years 2019 through 2021 the cost to customers of
the Class I renewable energy requirement is less than nine percent of the total
paid for electricity by all customers in the State, the board may increase the
cost to customers of the Class I renewable energy requirement in energy years
2022 through 2024 to a rate greater than seven percent, as long as the total
costs to customers for energy years 2019 through 2024 does not exceed the sum
of nine percent of the total paid for electricity by all customers in the State
in energy years 2019 through 2021 and seven percent of the total paid for
electricity by all customers in the State in energy years 2022 through 2024.�
In calculating the cost to customers of the Class I renewable energy
requirement imposed pursuant to this subsection, the board shall not include
the costs of the offshore wind energy certificate program established pursuant
to paragraph (4) of this subsection.� In calculating the cost to customers of
the Class I renewable energy requirement, the board shall reflect any energy
and environmental savings attributable to the Class I program in its
calculation, which shall include, but not be limited to, the social cost of
carbon dioxide emissions at a value no less than the most recently published
three percent discount rate scenario of the United States Government Interagency
Working Group on Social Cost of Greenhouse Gases.� The board shall take any
steps necessary to prevent the exceedance of the cap on the cost to customers
including, but not limited to, adjusting the Class I renewable energy
requirement.

���� An electric power supplier or
basic generation service provider may satisfy the requirements of this
subsection by participating in a renewable energy trading program approved by
the board in consultation with the Department of Environmental Protection;

���� (3)�� that the board establish
a multi-year schedule, applicable to each electric power supplier or basic
generation service provider in this State, beginning with the one-year period
commencing on June 1, 2010, and continuing for each subsequent one-year period
up to and including, the one-year period commencing on June 1, 2033, that
requires the following number or percentage, as the case may be, of
kilowatt-hours sold in this State by each electric power supplier and each
basic generation service provider to be from solar electric power generators
connected to the distribution system or transmission system in this State:

���� EY 2011���������������� 306
Gigawatthours (Gwhrs)

���� EY 2012���������������� 442
Gwhrs

���� EY 2013���������������� 596
Gwhrs

���� EY 2014���������������� 2.050%

���� EY 2015���������������� 2.450%

���� EY 2016���������������� 2.750%

���� EY 2017���������������� 3.000%

���� EY 2018���������������� 3.200%

���� EY 2019���������������� 4.300%

���� EY 2020���������������� 4.900%

���� EY 2021���������������� 5.100%

���� EY 2022���������������� 5.100%

���� EY 2023���������������� 5.100%

���� EY 2024���������������� 4.900%

���� EY 2025���������������� 4.800%

���� EY 2026���������������� 4.500%

���� EY 2027���������������� 4.350%

���� EY 2028���������������� 3.740%

���� EY 2029���������������� 3.070%

���� EY 2030���������������� 2.210%

���� EY 2031���������������� 1.580%

���� EY 2032���������������� 1.400%

���� EY 2033���������������� 1.100%

���� No later than 180 days after
the date of enactment of P.L.2018, c.17 (C.48:3-87.8 et al.), the board shall
adopt rules and regulations to close the SREC program to new applications upon
the attainment of 5.1 percent of the kilowatt-hours sold in the State by each
electric power supplier and each basic generation provider from solar electric
power generators connected to the distribution system.� The board shall
continue to consider any application filed before the date of enactment of
P.L.2018, c.17 (C.48:3-87.8 et al.).� The board shall provide for an orderly
and transparent mechanism that will result in the closing of the existing SREC
program on a date certain but no later than June 1, 2021.

���� No later than 24 months after
the date of enactment of P.L.2018, c.17 (C.48:3-87.8 et al.), the board shall
complete a study that evaluates how to modify or replace the SREC program to
encourage the continued efficient and orderly development of solar renewable
energy generating sources throughout the State.� The board shall submit the
written report thereon to the Governor and, pursuant to section 2 of P.L.1991,
c.164 (C.52:14-19.1), to the Legislature.� The board shall consult with public
utilities, industry experts, regional grid operators, solar power providers and
financiers, and other State agencies to determine whether the board can modify
the SREC program such that the program will:

���� -����� continually reduce,
where feasible, the cost of achieving the solar energy goals set forth in this
subsection;

���� -����� provide an orderly
transition from the SREC program to a new or modified program;

���� -����� develop megawatt
targets for grid connected and distribution systems, including residential and
small commercial rooftop systems, community solar systems, and large scale
behind the meter systems, as a share of the overall solar energy requirement,
which targets the board may modify periodically based on the cost, feasibility,
or social impacts of different types of projects;

���� -����� establish and update
market-based maximum incentive payment caps periodically for each of the above
categories of solar electric power generation facilities;

���� -����� encourage and
facilitate market-based cost recovery through long-term contracts and energy
market sales; and

���� -����� where cost recovery is
needed for any portion of an efficient solar electric power generation facility
when costs are not recoverable through wholesale market sales and direct
payments from customers, utilize competitive processes such as competitive procurement
and long-term contracts where possible to ensure such recovery, without
exceeding the maximum incentive payment cap for that category of facility.

���� The board shall approve,
conditionally approve, or disapprove any application for designation as
connected to the distribution system of a solar electric power generation
facility filed with the board after the date of enactment of P.L.2018, c.17
(C.48:3-87.8 et al.), no more than 90 days after receipt by the board of a
completed application.� For any such application for a project greater than 25
kilowatts, the board shall require the applicant to post a notice escrow with
the board in an amount of $40 per kilowatt of DC nameplate capacity of the
facility, not to exceed $40,000.� The notice escrow amount shall be reimbursed
to the applicant in full upon either denial of the application by the board or
upon commencement of commercial operation of the solar electric power
generation facility.� The escrow amount shall be forfeited to the State if the
facility is designated as connected to the distribution system pursuant to this
subsection but does not commence commercial operation within two years following
the date of the designation by the board.

���� For all applications for
designation as connected to the distribution system of a solar electric power
generation facility filed with the board after the date of enactment of
P.L.2018, c.17 (C.48:3-87.8 et al.), the SREC term shall be 10 years.

���� (a)�� The board shall
determine an appropriate period of no less than 120 days following the end of
an energy year prior to which a provider or supplier must demonstrate
compliance for that energy year with the annual renewable portfolio standard;

���� (b)�� No more than 24 months
following the date of enactment of P.L.2012, c.24, the board shall complete a
proceeding to investigate approaches to mitigate solar development volatility
and prepare and submit, pursuant to section 2 of P.L.1991, c.164 (C.52:14-19.1),
a report to the Legislature, detailing its findings and recommendations.� As
part of the proceeding, the board shall evaluate other techniques used
nationally and internationally;

���� (c)�� The solar renewable
portfolio standards requirements in this paragraph shall exempt those existing
supply contracts which are effective prior to the date of enactment of
P.L.2018, c.17 (C.48:3-87.8 et al.) from any increase beyond the number of
SRECs mandated by the solar renewable energy portfolio standards requirements
that were in effect on the date that the providers executed their existing
supply contracts.� This limited exemption for providers' existing supply
contracts shall not be construed to lower the Statewide solar sourcing
requirements set forth in this paragraph. Such incremental requirements that
would have otherwise been imposed on exempt providers shall be distributed over
the providers not subject to the existing supply contract exemption until such
time as existing supply contracts expire and all providers are subject to the
new requirement in a manner that is competitively neutral among all providers
and suppliers.� Notwithstanding any rule or regulation to the contrary, the
board shall recognize these new solar purchase obligations as a change required
by operation of law and implement the provisions of this subsection in a manner
so as to prevent any subsidies between suppliers and providers and to promote
competition in the electricity supply industry.

���� An electric power supplier or
basic generation service provider may satisfy the requirements of this
subsection by participating in a renewable energy trading program approved by
the board in consultation with the Department of Environmental Protection, or
compliance with the requirements of this subsection may be demonstrated to the
board by suppliers or providers through the purchase of SRECs.

���� The renewable energy portfolio
standards adopted by the board pursuant to paragraphs (1) and (2) of this
subsection shall be effective as regulations immediately upon filing with the
Office of Administrative Law and shall be effective for a period not to exceed
18 months, and may, thereafter, be amended, adopted or readopted by the board
in accordance with the provisions of the "Administrative Procedure
Act."

���� The renewable energy portfolio
standards adopted by the board pursuant to this paragraph shall be effective as
regulations immediately upon filing with the Office of Administrative Law and
shall be effective for a period not to exceed 30 months after such filing, and
shall, thereafter, be amended, adopted or readopted by the board in accordance
with the "Administrative Procedure Act"; and

���� (4)�� within 180 days after
the date of enactment of P.L.2010, c.57 (C.48:3-87.1 et al.), that the board
establish an offshore wind renewable energy certificate program to require that
a percentage of the kilowatt hours sold in this State by each electric power
supplier and each basic generation service provider be from offshore wind
energy in order to support at least 3,500 megawatts of generation from
qualified offshore wind projects.

���� The percentage established by
the board pursuant to this paragraph shall serve as an offset to the renewable
energy portfolio standard established pursuant to paragraph (2) of this
subsection and shall reduce the corresponding Class I renewable energy requirement.

���� The percentage established by
the board pursuant to this paragraph shall reflect the projected OREC
production of each qualified offshore wind project, approved by the board
pursuant to section 3 of P.L.2010, c.57 (C.48:3-87.1), for 20 years from the
commercial operation start date of the qualified offshore wind project which
production projection and OREC purchase requirement, once approved by the
board, shall not be subject to reduction.

���� An electric power supplier or
basic generation service provider shall comply with the OREC program
established pursuant to this paragraph through the purchase of offshore wind
renewable energy certificates at a price and for the time period required by the
board.� In the event there are insufficient offshore wind renewable energy
certificates available, the electric power supplier or basic generation service
provider shall pay an offshore wind alternative compliance payment established
by the board.� Any offshore wind alternative compliance payments collected
shall be refunded directly to the ratepayers by the electric public utilities.

���� The rules established by the
board pursuant to this paragraph shall be effective as regulations immediately
upon filing with the Office of Administrative Law and shall be effective for a
period not to exceed 18 months, and may, thereafter, be amended, adopted or
readopted by the board in accordance with the provisions of the
"Administrative Procedure Act," P.L.1968, c.410 (C.52:14B-1 et seq.).

���� e.���� Notwithstanding any
provisions of the "Administrative Procedure Act," P.L.1968, c.410
(C.52:14B-1 et seq.) to the contrary, the board shall initiate a proceeding and
shall adopt, after notice, provision of the opportunity for comment, and public
hearing:

���� (1)�� net metering standards
for electric power suppliers and basic generation service providers.� The
standards shall require electric power suppliers and basic generation service
providers to offer net metering at non-discriminatory rates to industrial, large
commercial, residential and small commercial customers, as those customers are
classified or defined by the board, that generate electricity, on the
customer's side of the meter, using a Class I renewable energy source, for the
net amount of electricity supplied by the electric power supplier or basic
generation service provider over an annualized period.� Systems of any sized
capacity, as measured in watts, are eligible for net metering.� If the amount
of electricity generated by the customer-generator, plus any kilowatt hour
credits held over from the previous billing periods, exceeds the electricity
supplied by the electric power supplier or basic generation service provider,
then the electric power supplier or basic generation service provider, as the case
may be, shall credit the customer-generator for the excess kilowatt hours until
the end of the annualized period at which point the customer-generator will be
compensated for any remaining credits or, if the customer-generator chooses,
credit the customer-generator on a real-time basis, at the electric power
supplier's or basic generation service provider's avoided cost of wholesale
power or the PJM electric power pool's real-time locational marginal pricing
rate, adjusted for losses, for the respective zone in the PJM electric power
pool.� Alternatively, the customer-generator may execute a bilateral agreement
with an electric power supplier or basic generation service provider for the
sale and purchase of the customer-generator's excess generation.� The
customer-generator may be credited on a real-time basis, so long as the
customer-generator follows applicable rules prescribed by the PJM electric
power pool for its capacity requirements for the net amount of electricity
supplied by the electric power supplier or basic generation service provider.�
The board may authorize an electric power supplier or basic generation service
provider to cease offering net metering to customers that are not already net
metered whenever the total rated generating capacity owned and operated by net
metering customer-generators Statewide equals 5.8 percent of the total annual
kilowatt-hours sold in this State by each electric power supplier and each
basic generation service provider during the prior one-year period;

���� (2)�� safety and power quality
interconnection standards for Class I renewable energy source systems used by a
customer-generator that shall be eligible for net metering.

���� Such standards or rules shall
take into consideration the goals of the New Jersey Energy Master Plan,
applicable industry standards, and the standards of other states and the
Institute of Electrical and Electronics Engineers.� The board shall allow electric
public utilities to recover the costs of any new net meters, upgraded net
meters, system reinforcements or upgrades, and interconnection costs through
either their regulated rates or from the net metering customer-generator;

���� (3)�� credit or other
incentive rules for generators using Class I renewable energy generation
systems that connect to New Jersey's electric public utilities' distribution
system but who do not net meter; and

���� (4)�� net metering aggregation
standards to require electric public utilities to provide net metering
aggregation to single electric public utility customers that operate a solar
electric power generation system installed at one of the customer's facilities
or on property owned by the customer, provided that any such customer is a
State entity, school district, county, county agency, county authority,
municipality, municipal agency, or municipal authority.� The standards shall
provide that, in order to qualify for net metering aggregation, the customer
must operate a solar electric power generation system using a net metering
billing account, which system is located on property owned by the customer,
provided that: (a) the property is not land that has been actively devoted to
agricultural or horticultural use and that is valued, assessed, and taxed
pursuant to the "Farmland Assessment Act of 1964," P.L.1964, c.48
(C.54:4-23.1 et seq.) at any time within the 10-year period prior to the
effective date of P.L.2012, c.24, provided, however, that the municipal
planning board of a municipality in which a solar electric power generation
system is located may waive the requirement of this subparagraph (a), (b) the
system is not an on-site generation facility, (c) all of the facilities of the
single customer combined for the purpose of net metering aggregation are
facilities owned or operated by the single customer and are located within its
territorial jurisdiction except that all of the facilities of a State entity engaged
in net metering aggregation shall be located within five miles of one another,
and (d) all of those facilities are within the service territory of a single
electric public utility and are all served by the same basic generation service
provider or by the same electric power supplier.� The standards shall provide
that, in order to qualify for net metering aggregation, the customer's solar
electric power generation system shall be sized so that its annual generation
does not exceed the combined metered annual energy usage of the qualified
customer facilities, and the qualified customer facilities shall all be in the
same customer rate class under the applicable electric public utility tariff.�
For the customer's facility or property on which the solar electric generation
system is installed, the electricity generated from the customer's solar
electric generation system shall be accounted for pursuant to the provisions of
paragraph (1) of this subsection to provide that the electricity generated in
excess of the electricity supplied by the electric power supplier or the basic
generation service provider, as the case may be, for the customer's facility on
which the solar electric generation system is installed, over the annualized
period, is credited at the electric power supplier's or the basic generation
service provider's avoided cost of wholesale power or the PJM electric power
pool real-time locational marginal pricing rate.� All electricity used by the
customer's qualified facilities, with the exception of the facility or property
on which the solar electric power generation system is installed, shall be
billed at the full retail rate pursuant to the electric public utility tariff
applicable to the customer class of the customer using the electricity.� A customer
may contract with a third party to operate a solar electric power generation
system, for the purpose of net metering aggregation.� Any contractual
relationship entered into for operation of a solar electric power generation
system related to net metering aggregation shall include contractual
protections that provide for adequate performance and provision for
construction and operation for the term of the contract, including any
appropriate bonding or escrow requirements.� Any incremental cost to an electric
public utility for net metering aggregation shall be fully and timely recovered
in a manner to be determined by the board.� The board shall adopt net metering
aggregation standards within 270 days after the effective date of P.L.2012,
c.24.

���� Such rules shall require the
board or its designee to issue a credit or other incentive to those generators
that do not use a net meter but otherwise generate electricity derived from a
Class I renewable energy source and to issue an enhanced credit or other
incentive, including, but not limited to, a solar renewable energy credit, to
those generators that generate electricity derived from solar technologies.

���� Such standards or rules shall
be effective as regulations immediately upon filing with the Office of
Administrative Law and shall be effective for a period not to exceed 18 months,
and may, thereafter, be amended, adopted or readopted by the board in accordance
with the provisions of the "Administrative Procedure Act."

���� f.���� The board may assess,
by written order and after notice and opportunity for comment, a separate fee
to cover the cost of implementing and overseeing an emission disclosure system
or emission portfolio standard, which fee shall be assessed based on an electric
power supplier's or basic generation service provider's share of the retail
electricity supply market.�
[
The
board shall not impose a fee for the cost of implementing and overseeing a
greenhouse gas emissions portfolio standard adopted pursuant to paragraph (2)
of subsection c. of this section.
]

���� g.��� The board shall adopt,
pursuant to the "Administrative Procedure Act," P.L.1968, c.410
(C.52:14B-1 et seq.), an electric energy efficiency program in order to ensure
investment in cost-effective energy efficiency measures, ensure universal access
to energy efficiency measures, and serve the needs of low-income communities
that shall require each electric public utility to implement energy efficiency
measures that reduce electricity usage in the State pursuant to section 3 of
P.L.2018, c.17 (C.48:3-87.9).� Nothing in this subsection shall be construed to
prevent an electric public utility from meeting the requirements of this
subsection by contracting with another entity for the performance of the
requirements.

���� h.��� The board shall adopt,
pursuant to the "Administrative Procedure Act," P.L.1968, c.410
(C.52:14B-1 et seq.), a gas energy efficiency program in order to ensure
investment in cost-effective energy efficiency measures, ensure universal
access to energy efficiency measures, and serve the needs of low-income
communities that shall require each gas public utility to implement energy
efficiency measures that reduce natural gas usage in the State pursuant to
section 3 of P.L.2018, c.17 (C.48:3-87.9).� Nothing in this subsection shall be
construed to prevent a gas public utility from meeting the requirements of this
subsection by contracting with another entity for the performance of the
requirements.

���� i.���� After the board
establishes a schedule of solar kilowatt-hour sale or purchase requirements
pursuant to paragraph (3) of subsection d. of this section, the board may
initiate subsequent proceedings and adopt, after appropriate notice and
opportunity for public comment and public hearing, increased minimum solar
kilowatt-hour sale or purchase requirements, provided that the board shall not
reduce previously established minimum solar kilowatt-hour sale or purchase
requirements, or otherwise impose constraints that reduce the requirements by
any means.

���� j.���� The board shall
determine an appropriate level of solar alternative compliance payment, and
permit each supplier or provider to submit an SACP to comply with the solar
electric generation requirements of paragraph (3) of subsection d. of this
section.� The value of the SACP for each Energy Year, for Energy Years 2014
through 2033 per megawatt hour from solar electric generation required pursuant
to this section, shall be:

���� EY 2014���� $339

���� EY 2015���� $331

���� EY 2016���� $323

���� EY 2017���� $315

���� EY 2018���� $308

���� EY 2019���� $268

���� EY 2020���� $258

���� EY 2021���� $248

���� EY 2022���� $238

���� EY 2023���� $228

���� EY 2024���� $218

���� EY 2025���� $208

���� EY 2026���� $198

���� EY 2027���� $188

���� EY 2028���� $178

���� EY 2029���� $168

���� EY 2030���� $158

���� EY 2031���� $148

���� EY 2032���� $138

���� EY 2033���� $128.

���� The board may initiate
subsequent proceedings and adopt, after appropriate notice and opportunity for
public comment and public hearing, an increase in solar alternative compliance
payments, provided that the board shall not reduce previously established
levels of solar alternative compliance payments, nor shall the board provide
relief from the obligation of payment of the SACP by the electric power
suppliers or basic generation service providers in any form.� Any SACP payments
collected shall be refunded directly to the ratepayers by the electric public
utilities.

���� k.��� The board may allow
electric public utilities to offer long-term contracts through a competitive
process, direct electric public utility investment and other means of
financing, including but not limited to loans, for the purchase of SRECs and
the resale of SRECs to suppliers or providers or others, provided that after
such contracts have been approved by the board, the board's approvals shall not
be modified by subsequent board orders.� If the board allows the offering of
contracts pursuant to this subsection, the board may establish a process, after
hearing, and opportunity for public comment, to provide that a designated
segment of the contracts approved pursuant to this subsection shall be
contracts involving solar electric power generation facility projects with a
capacity of up to 250 kilowatts.

���� l.���� The board shall
implement its responsibilities under the provisions of this section in such a
manner as to:

���� (1)�� place greater reliance
on competitive markets, with the explicit goal of encouraging and ensuring the
emergence of new entrants that can foster innovations and price competition;

���� (2)�� maintain adequate
regulatory authority over non-competitive public utility services;

���� (3)�� consider alternative
forms of regulation in order to address changes in the technology and structure
of electric public utilities;

���� (4)�� promote energy
efficiency and Class I renewable energy market development, taking into
consideration environmental benefits and market barriers;

���� (5)�� make energy services
more affordable for low and moderate income customers;

���� (6)�� attempt to transform the
renewable energy market into one that can move forward without subsidies from
the State or public utilities;

���� (7)�� achieve the goals put
forth under the renewable energy portfolio standards;

���� (8)�� promote the lowest cost
to ratepayers; and

���� (9)�� allow all market
segments to participate.

���� m.�� The board shall ensure
the availability of financial incentives under its jurisdiction, including, but
not limited to, long-term contracts, loans, SRECs, or other financial support,
to ensure market diversity, competition, and appropriate coverage across all
ratepayer segments, including, but not limited to, residential, commercial,
industrial, non-profit, farms, schools, and public entity customers.

���� n.��� For projects which are
owned, or directly invested in, by a public utility pursuant to section 13 of
P.L.2007, c.340 (C.48:3-98.1), the board shall determine the number of SRECs
with which such projects shall be credited; and in determining such number the
board shall ensure that the market for SRECs does not detrimentally affect the
development of non-utility solar projects and shall consider how its
determination may impact the ratepayers.

���� o.��� The board, in
consultation with the Department of Environmental Protection, electric public
utilities, the Division of Rate Counsel in, but not of, the Department of the
Treasury, affected members of the solar energy industry, and relevant
stakeholders, shall periodically consider increasing the renewable energy
portfolio standards beyond the minimum amounts set forth in subsection d. of
this section, taking into account the cost impacts and public benefits of such
increases including, but not limited to:

���� (1)�� reductions in air
pollution, water pollution,
and
land disturbance
[
, and
greenhouse gas emissions
]
;

���� (2)�� reductions in peak
demand for electricity and natural gas, and the overall impact on the costs to
customers of electricity and natural gas;

���� (3)�� increases in renewable
energy development, manufacturing, investment, and job creation opportunities
in this State; and

���� (4)�� reductions in State and
national dependence on the use of fossil fuels.

���� p.��� Class I RECs and ORECs
shall be eligible for use in renewable energy portfolio standards compliance in
the energy year in which they are generated, and for the following two energy
years.� SRECs shall be eligible for use in renewable energy portfolio standards
compliance in the energy year in which they are generated, and for the
following four energy years.

���� q. (1) During the energy years
of 2014, 2015, and 2016, a solar electric power generation facility project
that is not: (a) net metered; (b) an on-site generation facility; (c) qualified
for net metering aggregation; or (d) certified as being located on a
brownfield, on an area of historic fill or on a properly closed sanitary
landfill facility, as provided pursuant to subsection t. of this section may
file an application with the board for approval of a designation pursuant to
this subsection that the facility is connected to the distribution system.� An
application filed pursuant to this subsection shall include a notice escrow of
$40,000 per megawatt of the proposed capacity of the facility.� The board shall
approve the designation if: the facility has filed a notice in writing with the
board applying for designation pursuant to this subsection, together with the
notice escrow; and the capacity of the facility, when added to the capacity of
other facilities that have been previously approved for designation prior to
the facility's filing under this subsection, does not exceed 80 megawatts in
the aggregate for each year. The capacity of any one solar electric power
supply project approved pursuant to this subsection shall not exceed 10
megawatts.� No more than 90 days after its receipt of a completed application
for designation pursuant to this subsection, the board shall approve,
conditionally approve, or disapprove the application.� The notice escrow shall
be reimbursed to the facility in full upon either rejection by the board or the
facility entering commercial operation, or shall be forfeited to the State if
the facility is designated pursuant to this subsection but does not enter
commercial operation pursuant to paragraph (2) of this subsection.

���� (2)�� If the proposed solar
electric power generation facility does not commence commercial operations
within two years following the date of the designation by the board pursuant to
this subsection, the designation of the facility shall be deemed to be null and
void, and the facility shall not be considered connected to the distribution
system thereafter.

���� (3)�� Notwithstanding the
provisions of paragraph (2) of this subsection, a solar electric power
generation facility project that as of May 31, 2017 was designated as
"connected to the distribution system," but failed to commence
commercial operations as of that date, shall maintain that designation if it
commences commercial operations by May 31, 2018.

���� r. (1) For all proposed solar
electric power generation facility projects except for those solar electric
power generation facility projects approved pursuant to subsection q. of this
section, and for all projects proposed in energy year 2019 and energy year
2020, the board may approve projects for up to 50 megawatts annually in
auctioned capacity in two auctions per year as long as the board is accepting
applications.� If the board approves projects for less than 50 megawatts in
energy year 2019 or less than 50 megawatts in energy year 2020, the difference
in each year shall be carried over into the successive energy year until 100
megawatts of auctioned capacity has been approved by the board pursuant to this
subsection.� A proposed solar electric power generation facility that is
neither net metered nor an on-site generation facility, may be considered
"connected to the distribution system" only upon designation as such
by the board, after notice to the public and opportunity for public comment or
hearing.� A proposed solar� electric power generation facility seeking board
designation as "connected to the distribution system" shall submit an
application to the board that includes for the proposed facility: the nameplate
capacity; the estimated energy and number of SRECs to be produced and sold per
year; the estimated annual rate impact on ratepayers; the estimated capacity of
the generator as defined by PJM for sale in the PJM capacity market; the point
of interconnection; the total project acreage and location; the current land
use designation of the property; the type of solar technology to be used; and
such other information as the board shall require.

���� (2)�� The board shall approve
the designation of the proposed solar electric power generation facility as
"connected to the distribution system" if the board determines that:

���� (a)�� the SRECs forecasted to
be produced by the facility do not have a detrimental impact on the SREC market
or on the appropriate development of solar power in the State;

���� (b)�� the approval of the
designation of the proposed facility would not significantly impact the
preservation of open space in this State;

���� (c)�� the impact of the
designation on electric rates and economic development is beneficial; and

���� (d)�� there will be no
impingement on the ability of an electric public utility to maintain its
property and equipment in such a condition as to enable it to provide safe,
adequate, and proper service to each of its customers.

���� (3)�� The board shall act
within 90 days of its receipt of a completed application for designation of a
solar electric power generation facility as "connected to the distribution
system," to either approve, conditionally approve, or disapprove the application.
If the proposed solar electric power generation facility does not commence
commercial operations within two years following the date of the designation by
the board pursuant to this subsection, the designation of the facility as
"connected to the distribution system" shall be deemed to be null and
void, and the facility shall thereafter be considered not "connected to
the distribution system."

���� s.���� In addition to any
other requirements of P.L.1999, c.23 or any other law, rule, regulation or
order, a solar electric power generation facility that is not net metered or an
on-site generation facility and which is located on land that has been actively
devoted to agricultural or horticultural use that is valued, assessed, and
taxed pursuant to the "Farmland Assessment Act of 1964," P.L.1964,
c.48 (C.54:4-23.1 et seq.) at any time within the 10-year period prior to the
effective date of P.L.2012, c.24, shall only be considered "connected to
the distribution system" if (1) the board approves the facility's
designation pursuant to subsection q. of this section; or (2) (a) PJM issued a
System Impact Study for the facility on or before June 30, 2011, (b) the
facility files a notice with the board within 60 days of the effective date of
P.L.2012, c.24, indicating its intent to qualify under this subsection, and (c)
the facility has been approved as "connected to the distribution
system" by the board.� Nothing in this subsection shall limit the board's
authority concerning the review and oversight of facilities, unless such
facilities are exempt from such review as a result of having been approved
pursuant to subsection q. of this section.

���� t. (1) No more than 180 days
after the date of enactment of P.L.2012, c.24, the board shall, in consultation
with the Department of Environmental Protection and the New Jersey Economic
Development Authority, and, after notice and opportunity for public comment and
public hearing, complete a proceeding to establish a program to provide SRECs
to owners of solar electric power generation facility projects certified by the
board, in consultation with the Department of Environmental Protection, as
being located on a brownfield, on an area of historic fill or on a properly
closed sanitary landfill facility, including those owned or operated by an
electric public utility and approved pursuant to section 13 of P.L.2007, c.340
(C.48:3-98.1).� Projects certified under this subsection shall be considered
"connected to the distribution system", shall not require such
designation by the board, and shall not be subject to board review required
pursuant to subsections q. and r. of this section.� Notwithstanding the provisions
of section 3 of P.L.1999, c.23 (C.48:3-51) or any other law, rule, regulation,
or order to the contrary, for projects certified under this subsection, the
board shall establish a financial incentive that is designed to supplement the
SRECs generated by the facility in order to cover the additional cost of
constructing and operating a solar electric power generation facility on a
brownfield, on an area of historic fill or on a properly closed sanitary
landfill facility.� Any financial benefit realized in relation to a project
owned or operated by an electric public utility and approved by the board
pursuant to section 13 of P.L.2007, c.340 (C.48:3-98.1), as a result of the
provision of a financial incentive established by the board pursuant to this
subsection, shall be credited to ratepayers.� The issuance of SRECs for all
solar electric power generation facility projects pursuant to this subsection
shall be deemed "Board of Public Utilities financial assistance" as
provided under section 1 of P.L.2009, c.89 (C.48:2-29.47).

���� (2)�� Notwithstanding the
provisions of the "Spill Compensation and Control Act," P.L.1976,
c.141 (C.58:10-23.11 et seq.) or any other law, rule, regulation, or order to
the contrary, the board, in consultation with the Department of Environmental
Protection, may find that a person who operates a solar electric power
generation facility project that has commenced operation on or after the
effective date of P.L.2012, c.24, which project is certified by the board, in
consultation with the Department of Environmental Protection pursuant to
paragraph (1) of this subsection, as being located on a brownfield for which a
final remediation document has been issued, on an area of historic fill or on a
properly closed sanitary landfill facility, which projects shall include, but
not be limited to projects located on a brownfield for which a final
remediation document has been issued, on an area of historic fill or on a
properly closed sanitary landfill facility owned or operated by an electric
public utility and approved pursuant to section 13 of P.L.2007, c.340
(C.48:3-98.1), or a person who owns property acquired on or after the effective
date of P.L.2012, c.24 on which such a solar electric power generation facility
project is constructed and operated, shall not be liable for cleanup and
removal costs to the Department of Environmental Protection or to any other
person for the discharge of a hazardous substance provided that:

���� (a)�� the person acquired or
leased the real property after the discharge of that hazardous substance at the
real property;

���� (b)�� the person did not
discharge the hazardous substance, is not in any way responsible for the
hazardous substance, and is not a successor to the discharger or to any person
in any way responsible for the hazardous substance or to anyone liable for
cleanup and removal costs pursuant to section 8 of P.L.1976, c.141
(C.58:10-23.11g);

���� (c)�� the person, within 30
days after acquisition of the property, gave notice of the discharge to the
Department of Environmental Protection in a manner the Department of
Environmental Protection prescribes;

���� (d)�� the person does not
disrupt or change, without prior written permission from the Department of
Environmental Protection, any engineering or institutional control that is part
of a remedial action for the contaminated site or any landfill closure or post-closure
requirement;

���� (e)�� the person does not
exacerbate the contamination at the property;

���� (f)�� the person does not
interfere with any necessary remediation of the property;

���� (g)�� the person complies with
any regulations and any permit the Department of Environmental Protection
issues pursuant to section 19 of P.L.2009, c.60 (C.58:10C-19) or paragraph (2)
of subsection a. of section 6 of P.L.1970, c.39 (C.13:1E-6);

���� (h)�� with respect to an area
of historic fill, the person has demonstrated pursuant to a preliminary
assessment and site investigation, that hazardous substances have not been
discharged; and

���� (i)��� with respect to a
properly closed sanitary landfill facility, no person who owns or controls the
facility receives, has received, or will receive, with respect to such
facility, any funds from any post-closure escrow account established pursuant
to section 10 of P.L.1981, c.306 (C.13:1E-109) for the closure and monitoring
of the facility.

���� Only the person who is liable
to clean up and remove the contamination pursuant to section 8 of P.L.1976,
c.141 (C.58:10-23.11g) and who does not have a defense to liability pursuant to
subsection d. of that section shall be liable for cleanup and removal costs.

���� u.��� No more than 180 days
after the date of enactment of P.L.2012, c.24, the board shall complete a
proceeding to establish a registration program.� The registration program shall
require the owners of solar electric power generation facility projects connected
to the distribution system to make periodic milestone filings with the board in
a manner and at such times as determined by the board to provide full
disclosure and transparency regarding the overall level of development and
construction activity of those projects Statewide.

���� v.��� The issuance of SRECs
for all solar electric power generation facility projects pursuant to this
section, for projects connected to the distribution system with a capacity of
one megawatt or greater, shall be deemed "Board of Public Utilities financial
assistance" as provided pursuant to section 1 of P.L.2009, c.89
(C.48:2-29.47).�

���� w.�� No more than 270 days
after the date of enactment of P.L.2012, c.24, the board shall, after notice
and opportunity for public comment and public hearing, complete a proceeding to
consider whether to establish a program to provide, to owners of solar electric
power generation facility projects certified by the board as being three
megawatts or greater in capacity and being net metered, including facilities
which are owned or operated by an electric public utility and approved by the
board pursuant to section 13 of P.L.2007, c.340 (C.48:3-98.1), a financial
incentive that is designed to supplement the SRECs generated by the facility to
further the goal of improving the economic competitiveness of commercial and
industrial customers taking power from such projects.� If the board determines
to establish such a program pursuant to this subsection, the board may
establish a financial incentive to provide that the board shall issue one SREC
for no less than every 750 kilowatt-hours of solar energy generated by the certified
projects.� Any financial benefit realized in relation to a project owned or
operated by an electric public utility and approved by the board pursuant to
section 13 of P.L.2007, c.340 (C.48:3-98.1), as a result of the provisions of a
financial incentive established by the board pursuant to this subsection, shall
be credited to ratepayers.

���� x.��� Solar electric power
generation facility projects that are located on an existing or proposed
commercial, retail, industrial, municipal, professional, recreational, transit,
commuter, entertainment complex, multi-use, or mixed-use parking lot with a
capacity to park 350 or more vehicles where the area to be utilized for the
facility is paved, or an impervious surface may be owned or operated by an
electric public utility and may be approved by the board pursuant to section 13
of P.L.2007, c.340 (C.48:3-98.1).

(cf: P.L.2021, c.169, s.10)

���� 7.��� Section 1 of P.L.2018,
c.16 (C.48:3-87.3) is amended to read as follows:

���� 1.��� a. The Legislature finds
and declares that:

���� (1)�� Climate change is one of
the greatest threats facing the State today and in the future.� Reducing
emissions of carbon dioxide, other greenhouse gases, and other pollutants by
preserving and expanding zero-emission electricity generation within and outside
the State is critical to mitigating the impacts of climate change.

���� (2)�� Nuclear power is a
reliable, zero-emission source of energy that has supplied New Jersey's energy
demands for decades.

���� (3)�� New Jersey has
historically relied on a diverse mix of energy supply sources, including
nuclear power, to meet the needs of its residents and businesses.

���� (4)�� Reducing emissions of
carbon dioxide, other greenhouse gases, and other pollutants, and preserving
and developing zero-emission electricity generation sources within and outside
the State that currently provide electricity to customers in New Jersey, are
critical to improving air quality for New Jersey residents.

���� (5)�� The Energy Master Plan
of New Jersey, last updated in 2015, requires significant revisions to ensure
that 100 percent of the State's electric energy needs are generated by clean
energy sources by 2050, and any update to the Energy Master Plan by the State
must include a focus on the expansion of renewable and zero-emission sources of
energy.

���� (6)�� The existing renewable
energy portfolio standard has been successful in promoting the growth of
renewable energy generation to reduce air pollution in New Jersey; however, to
achieve its near term environmental goals, New Jersey must expand its commitment
to zero-emission energy generation and value the air quality and other
environmental attributes of zero-emission generation sources that currently
fall outside the scope of the existing renewable energy portfolio standard,
including but not limited to nuclear power.

���� (7)�� Nuclear power generation
is a critical component of the State's clean energy portfolio because nuclear
power plants do not emit carbon dioxide, other greenhouse gases, or other
pollutants; in addition, nuclear power is an important element of a diverse energy
generation portfolio that currently meets approximately 40 percent of New
Jersey's electric power needs.

���� (8)�� Several of the existing,
licensed, and operating nuclear power plants within and outside the State that
currently provide electricity to customers in New Jersey are at risk of abrupt
retirement due to a variety of factors.

���� (9)�� The retirement of
nuclear power generation will inevitably result in an immediate increase in air
emissions within New Jersey due to increased reliance on natural gas-fired
generation and coal-fired generation.

���� (10) Poor air quality has a
disproportionate impact on the most vulnerable citizens of New Jersey including
children, the elderly, and people living in poverty.� Fossil-fuel power plants
drive increases in pollutants like ground-level ozone, which aggravates
respiratory illnesses for individuals with decreased lung function.� Public
health and environmental justice necessitate a reduction in these pollutants to
protect the most vulnerable of our citizenry.

���� (11) As a coastal state, New
Jersey is particularly exposed to many of the effects of global climate change,
such as rising sea levels and more extreme storms.� Many of New Jersey's most
important commercial and tourism assets are located in coastal areas, and
events like Superstorm Sandy have demonstrated the imminent and tangible
threats that intense storms pose to New Jersey's economy and environment.

���� (12) Given the overwhelming
scientific consensus that fossil-fuel use is causing potentially irreversible
global climate change and the attendant environmental catastrophes, it is a
moral imperative that the State invest in energy infrastructure within and
outside the State that does not produce greenhouse gases.

���� b.��� The Legislature
therefore determines that:

���� (1)�� The abrupt retirement of
existing, licensed, and operating nuclear power plants within and outside the
State that provide electricity to customers in New Jersey, and any concomitant
increase in the proportion of New Jersey's electricity demand met by natural
gas and coal, will result in a substantial increase in emissions of several
serious pollutants, and associated adverse public health and environmental
impacts.� The pollutants resulting from increased fossil-fuel generation and
drilling include emissions of carbon dioxide, methane, carbon monoxide, sulfur
dioxide, particulate matter, volatile organic compounds, mercury, and nitrous
oxides, and the creation of ozone.

���� (2)�� New Jersey is currently
not projected to meet certain federal and State air quality standards and
emissions level requirements, counties of the State are currently designated as
nonattainment for the federal 8-hour Ozone National Ambient Air Quality Standard,
and the abrupt retirement of nuclear power plants that serve New Jersey
combined with increased reliance on natural gas-fired and coal-fired generation
will substantially impede the State's ability to meet those federal and State
air quality standards and emissions level requirements.

���� (3)�� In light of the primacy
of natural gas use for heating in New Jersey, increased reliance on natural
gas-fired generation will render the electric generation and delivery systems
less resilient and more vulnerable to the impacts of extreme winter weather events,
natural gas pipeline accidents, and other factors affecting the deliverability
of natural gas to electric power generating stations in and around the State.

���� (4)�� The model of providing
credits to zero- or low-emission energy generation sources as compensation for
their environmental attributes has proven successful for Class I and Class II
renewable energy sources, which receive renewable energy certificates, and
solar electric power generators, which receive solar renewable energy
certificates.

���� (5)�� A program that
recognizes and compensates nuclear energy generators in a manner similar to
other non-emitting energy generation resources to the extent required to
prevent the loss of nuclear energy, subject to independent review as provided
in section 3 of
[
this
act
]

P.L.2018,
c.16 (C.48:3-87.5)
, which the State's residents and businesses rely on for
approximately 40 percent of their electricity needs, could, in the absence of
equally or more cost-effective clean energy alternatives, further the State's
interest in environmental protection and maintaining a diverse mix of energy
sources.

���� (6)�� While recognizing the
importance of nuclear energy generation, the State must also commit to the
deployment of renewable and zero-emission energy to address climate change,
drive economic development, and create new employment opportunities.

���� (7)��
[
In order to
meet the goals under the "Global Warming Response Act," P.L.2007,
c.112 (C.26:2C-37 et seq.), to reduce greenhouse gas emissions 80 percent by
2050, it will be necessary to significantly reduce emissions from the electric
power generation sector.� This will require reducing the State's heavy reliance
on natural gas for electric power generation, the primary source of emissions
from the electric power generation sector.
]

(Deleted by amendment, P.L.��� , c.��� ) (pending before the Legislature as
this bill)

���� (8)�� The zero emission
certificate program set forth in
[
this
act
]

P.L.2018,
c.16 (C.48:3-87.3 et seq.)
is structured such that its costs are guaranteed
to be significantly less than the social cost of carbon emissions avoided by
the continued operation of selected nuclear power plants, ensuring that the
program does not place an undue financial burden on retail distribution
customers.� The social cost of carbon, as calculated by the U.S. Interagency
Working Group on the Social Cost of Carbon in its August 2016 Technical Update,
is an accepted measure of the cost of carbon emissions.� Carbon emissions
avoided by selected nuclear power plants are but one component of their
emissions avoidance benefits.

(cf: P.L.2018, c.16, s.1)

���� 8.��� Section 6 of P.L.2021,
c.169 (C.48:3-119) is amended to read as follows:

���� 6.� a.� The board shall not
authorize a grid supply solar facility or a net metered solar facility greater
than five megawatts in size to commence operation, or to interconnect to an
electric distribution or transmission system, unless it meets the siting
criteria developed pursuant to this section.

���� b.��� The board shall develop,
in consultation with the Department of Environmental Protection and the
Secretary of Agriculture, siting criteria for grid supply solar facilities and
net metered solar facilities greater than five megawatts in size.� In addition
to implementing the provisions of subsections c. through f. of this section,
the siting criteria shall:

���� (1)�� facilitate the State's
commitment to affordable, clean, and renewable energy
[
, and the carbon dioxide
emissions reduction goals established by P.L.2007, c.112 (C.26:2C-37 et al.)
]
;

���� (2)�� minimize, as much as is
practicable, potential adverse environmental impacts; and

���� (3)�� where appropriate,
include consideration of:

���� (a)�� existing and prior land
uses of the property;

���� (b)�� whether the property
contains a contaminated site or landfill;

���� (c)�� any conservation or
agricultural designations associated with the property;

���� (d)�� the amount of soil
disturbance, impervious surface, and tree cover on the property; and

���� (e)�� other site-specific
criteria.

���� c.���� Unless authorized
pursuant to subsection f. of this section, a grid supply solar facility or a
net metered solar facility greater than five megawatts in size shall not be
sited on:

���� (1)�� land preserved under the
Green Acres Program;

���� (2)�� land located within the
preservation area of the pinelands area, as designated in subsection b. of
section 10 of P.L.1979, c.111 (C.13:18A-11);

���� (3)�� land designated as
forest area in the pinelands comprehensive management plan adopted pursuant to
P.L.1979, c.111 (C.13:18A-1 et seq.);

���� (4)�� land designated as
freshwater wetlands as defined pursuant to P.L.1987, c.156 (C.13:9B-1 et seq.),
or coastal wetlands as defined pursuant to P.L.1970, c.272 (C.13:9A-1 et seq.);

���� (5)�� lands located within the
Highlands preservation area as designated in subsection b. of section 7 of
P.L.2004, c.120 (C.13:20-7);

���� (6)�� forested lands, as
defined by the board in consultation with the Department of Environmental
Protection; or

���� (7)�� prime agricultural soils
and soils of Statewide importance, as identified by the United States
Department of Agriculture's Natural Resources Conservation Service, which are
located in Agricultural Development Areas certified by the State Agriculture
Development Committee, in excess of the Statewide threshold of 2.5 percent of
such soils established by paragraph (1) of subsection d. of this section.

���� d. (1) A grid supply solar
facility or a net metered solar facility greater than five megawatts in size
sited on prime agricultural soils or soils of Statewide importance, as
identified by the United States Department of Agriculture's Natural Resources Conservation
Service, which are located in Agricultural Development Areas certified by the
State Agriculture Development Committee, shall not require a waiver pursuant to
subsection f. of this section until the board determines, pursuant to paragraph
(2) of this subsection, that 2.5 percent of such lands in the State have been
approved by the board pursuant to P.L.2021, c.169 (C.48:3-114 et al.) to be
utilized by a grid supply solar facility or a net metered solar facility
greater than five megawatts in size.� After the board makes this determination,
a grid supply solar facility or a net metered solar facility greater than five
megawatts in size shall not be sited on prime agricultural soils or soils of
Statewide importance, as identified by the United States Department of
Agriculture's Natural Resources Conservation Service, which are located in
Agricultural Development Areas certified by the State Agriculture Development
Committee, unless authorized pursuant to subsection f. of this section.

���� (2)�� The board, in
consultation with the Secretary of Agriculture, shall track and record the
Statewide area of prime agricultural soils or soils of Statewide importance,
which are located in Agricultural Development Areas certified by the State
Agriculture Development Committee, and which are utilized for solar energy
production by grid supply solar facilities and net metered solar facilities
greater than five megawatts in size, in order to implement the provisions of
this section.

���� e. (1) In no case shall a grid
supply solar facility be located on preserved farmland.

���� (2)�� Nothing in P.L.2021,
c.169 (C.48:3-114 et al.) shall be construed to affect the provisions of
P.L.2009, c.213 (C.4:1C-32.4 et al.), including those related to the
construction of solar electric power generation facilities on preserved
farmland.

���� f.���� A developer may
petition the board for a waiver to site a solar power electric generation
facility in an area proscribed by subsection c. of this section.� The petition
shall set out the unique factors that make the project consistent with the
character of the specific parcel, including whether the property is a
contaminated site or landfill, otherwise marginal land, or whether the project
utilizes existing development or existing areas of impervious coverage.� The
board shall, in consultation with the Department of Environmental Protection or
Secretary of Agriculture, as appropriate, consider the petition and may grant a
waiver to a project deemed to be in the public interest.� However, in no case
shall the projects approved by the board pursuant to this section occupy more
than five percent of the unpreserved land containing prime agricultural soils
and soils of Statewide importance, as identified by the United States
Department of Agriculture's Natural Resources Conservation Service, located
within any county's designated Agricultural Development Area, as determined by
the State Agriculture Development Committee.

���� g.��� No later than five years
after the adoption of rules and regulations pursuant to section 2 of P.L.2021,
c.169 (C.48:3-115), the board, in consultation with the Department of
Environmental Protection and the Secretary of Agriculture, shall conduct a
review of the rules and regulations to assess program performance, identify
problems, and recommend changes to the siting criteria to better effectuate the
policy goals set forth in subsection a. of this section.� The board shall
prepare a report summarizing this review and submit it to the Governor and to
the Legislature pursuant to section 2 of P.L.1991, c.164 (C.52:14-19.1).

(cf: P.L.2021, c.169, s.6)

���� 9.��� Section 1 of P.L.2019,
c.362 (C.48:25-1) is amended to read as follows:

���� 1.��� The Legislature finds
and declares: that plug-in electric vehicle technology has improved
significantly for vehicles of all types; that plug-in electric vehicles with
longer ranges are now widely available at a lower cost and present a viable
alternative to vehicles fueled by fossil fuels; that more plug-in electric
vehicle makes and models will be introduced in the State motor vehicle market
over the next several years; that vehicle electrification offers a wide range
of benefits, such as improved air quality, reduced greenhouse gas emissions,
and savings in motor vehicle operating costs for vehicle owners; that increased
use of plug-in electric vehicles can contribute significantly to the attainment
of existing State air pollution and energy goals, including the objectives of
the
[
"Global
Warming Response Act," P.L.2007, c.112 (C.26:2C-37 et seq.) and the
]
State's
Energy Master Plan; and that New Jersey is already committed to implementing
the California Low Emission Vehicle Program pursuant to P.L.2003, c.266
(C.26:2C-8.15 et al.), and part of this program is a commitment to increasing
the use of low emission vehicles and zero emission vehicles, including plug-in
electric vehicles.

���� The Legislature therefore
determines that it is in the public interest to establish goals for the
increased use of plug-in electric vehicles in the State, to support the
increased use of plug-in electric vehicles by providing incentives for the
purchase or lease of such vehicles and for related charging equipment, and to
increase consumer awareness of the availability of incentives through a
Statewide public education program.

(cf: P.L.2019, c.362, s.1)

���� 10.� Section 7 of P.L.2019,
c.362 (C.48:25-7) is amended to read as follows:

���� 7.� a.� There is established
in the Board of Public Utilities a special, nonlapsing fund to be known as the
Plug-in Electric Vehicle Incentive Fund.� The fund shall be administered by the
board and shall be credited with:

���� (1)�� moneys deposited into
the fund by the board pursuant to subsection b. of this section;

���� (2)�� moneys that are
appropriated by the Legislature; and

���� (3)�� any return on investment
of moneys deposited in the fund.

���� �b. (1) The board shall
deposit into the fund, each year, $30 million of moneys received from the
societal benefits charge established pursuant to section 12 of P.L.1999, c.23
(C.48:3-60),
[
moneys
made available to the board pursuant to the implementation of the Regional
Greenhouse Gas Initiative and P.L.2007, c.340 (C.26:2C-45 et seq.),
]
and moneys
available from other funding sources, as determined by the board, to make
disbursements under the light duty plug-in electric vehicle incentive program
established pursuant to section 4 of P.L.2019, c.362 (C.48:25-4).

���� (2)�� The board may deposit
into the fund, each year, such additional amounts from the societal benefits
charge, as the board deems necessary, to make disbursement under an incentive
program for in-home electric vehicle service equipment established pursuant to
section 6 of P.L.2019, c.362 (C.48:25-6).

���� �c.��� Moneys in the fund
shall be used by the board solely for the purpose of disbursing the incentives
established pursuant to sections 4 and 6 of P.L.2019, c.362 (C.48:25-4 and
C.48:25-6).� The board shall recover any administrative costs incurred in
connection with P.L.2019, c.362 (C.48:25-1 et al.) separately from moneys
received from the societal benefits charge.�

���� �d.�� The board shall provide
no less than $30 million in disbursements under the light duty plug-in electric
vehicle incentive program established pursuant to section 4 of P.L.2019, c.362
(C.48:25-4) each year for 10 years.

(cf: P.L.2019, c.362, s.7)

���� 11.� Section 6 of P.L.2009,
c.90 (C.52:27D-489f) is amended to read as follows:

���� 6.� a.� Up to the limits
established in subsection b. of this section and in accordance with a
redevelopment incentive grant agreement, beginning upon the receipt of
occupancy permits for any portion of the redevelopment project, or upon any
other event evidencing project completion as set forth in the incentive grant
agreement, the State Treasurer shall pay to the developer incremental State
revenues directly realized from businesses operating at the site of the
redevelopment project from the following taxes: the Corporation Business Tax
Act (1945), P.L.1945, c.162 (C.54:10A-1 et seq.), the tax imposed on marine
insurance companies pursuant to R.S.54:16-1 et seq., the tax imposed on
insurers generally, pursuant to P.L.1945, c.132 (C.54:18A-1 et seq.), the
public utility franchise tax, public utilities gross receipts tax and public
utility excise tax imposed on sewerage and water corporations pursuant to
P.L.1940, c.5 (C.54:30A-49 et seq.), those tariffs and charges imposed by
electric, natural gas, telecommunications, water and sewage utilities, and
cable television companies under the jurisdiction of the New Jersey Board of
Public Utilities, or comparable entity, except for those tariffs, fees, or
taxes related to societal benefits charges assessed pursuant to section 12 of
P.L.1999, c.23 (C.48:3-60), any charges paid
, prior to the effective date of
P.L. , c. (pending before
the Legislature as this bill),
for compliance with the "Global Warming
Response Act," P.L.2007, c.112 (C.26:2C-37 et seq.), transitional energy
facility assessment unit taxes paid pursuant to section 67 of P.L.1997, c.162
(C.48:2-21.34), and the sales and use taxes on public utility and cable
television services and commodities, the tax derived from net profits from
business, a distributive share of partnership income, or a pro rata share of S
corporation income under the "New Jersey Gross Income Tax Act,"
N.J.S.54A:1-1 et seq., the tax derived from a business at the site of a
redevelopment project that is required to collect the tax pursuant to the
"Sales and Use Tax Act," P.L.1966, c.30 (C.54:32B-1 et seq.), the tax
imposed pursuant to P.L.1966, c.30 (C.54:32B-1 et seq.) from the purchase of
furniture, fixtures and equipment, or materials for the remediation, the
construction of new structures at the site of a redevelopment project, the
hotel and motel occupancy fee imposed pursuant to section 1 of P.L.2003, c.114
(C.54:32D-1), or the portion of the fee imposed pursuant to section 3 of
P.L.1968, c.49 (C.46:15-7) derived from the sale of real property at the site
of the redevelopment project and paid to the State Treasurer for use by the
State, that is not credited to the "Shore Protection Fund" or the
"Neighborhood Preservation Nonlapsing Revolving Fund" ("New
Jersey Affordable Housing Trust Fund") pursuant to section 4 of P.L.1968,
c.49 (C.46:15-8).� Any developer shall be allowed to assign their ability to
apply for the tax credit under this subsection to a non-profit organization
with a mission dedicated to attracting investment and completing development
and redevelopment projects in a Garden State Growth Zone.� The non-profit
organization may make an application on behalf of a developer which meets the
requirements for the tax credit, or a group of non-qualifying developers, such that
these will be considered a unified project for the purposes of the incentives
provided under this section.

���� b.��� (1) (a) Up to an average
of 75 percent of the projected annual incremental revenues or 85 percent of the
projected annual incremental revenues in a Garden State Growth Zone may be
pledged towards the State portion of an incentive grant.

���� (b)�� State incentive grants
not to exceed an aggregate total value of $75,000,000 shall be made available
by the authority for applications submitted after the effective date of
P.L.2020, c.156, but prior to December 31, 2021, for projects that are
predominantly commercial and contain 100,000 or more square feet of office and
retail space, or industrial space for purchase or lease, and may include a
parking component.� The developer of a project seeking an award of credits for
a project restricted under this subparagraph shall submit an incentive grant
application prior to December 31, 2021, and if approved after the effective
date of P.L.2020, c.156, shall submit a temporary certificate of occupancy for
the project no later than December 31, 2024.� In addition to the requirements
for an incentive award set forth in P.L.2009, c.90 (C.52:27D-489a et al.), a
developer shall be eligible to receive an award of credits for a project
restricted under this subparagraph only if the developer demonstrates to the
authority at that time of application that: (i) the project shall comply with
minimum environmental and sustainability standards; (ii) the project shall
comply with the authority's affirmative action requirements, adopted pursuant
to section 4 of P.L.1979, c.303 (C.34:1B-5.4); (iii) each worker employed by
the developer, or subcontractor of a developer working at the project, shall be
paid not less than $15 per hour or 120 percent of the minimum wage fixed under
subsection a. of section 5 of P.L.1966, c.113 (C.34:11-56a4), whichever is
higher; and (iv) during the eligibility period, each worker employed to perform
construction work or building services work at the project shall be paid not
less than the prevailing wage rate for the worker's craft or trade, as determined
by the Commissioner of Labor and Workforce Development pursuant to P.L.1963,
c.150 (C.34:11-56.25 et seq.) and P.L.2005, c.379 (C.34:11-56.58 et seq.).

���� (2)�� In the case of a
qualified residential project or a project involving university infrastructure,
if the authority determines that the estimated amount of incremental revenues
pledged towards the State portion of an incentive grant is inadequate to fully fund
the amount of the State portion of the incentive grant, then in lieu of an
incentive grant based on the incremental revenues, the developer shall be
awarded tax credits equal to the full amount of the incentive grant.

���� (3)�� In the case of a
mixed-use parking project, if the authority determines that the estimated
amount of incremental revenues pledged towards the State portion of an
incentive grant is inadequate to fully fund the amount of the State portion of
the incentive grant, then, in lieu of an incentive grant based on the
incremental revenues, the developer shall be awarded tax credits equal to the
full amount of the incentive grant.

���� The value of all credits
approved by the authority pursuant to paragraphs (2) and (3) of this subsection
shall not exceed $993,000,000, of which:

���� (a)�� $250,000,000 shall be
restricted to qualified residential projects within Atlantic, Burlington,
Camden, Cape May, Cumberland, Gloucester, Ocean, and Salem counties, of which
$175,000,000 of the credits shall be restricted to the following categories of
projects: (i) qualified residential projects located in a Garden State Growth
Zone located within the aforementioned counties; and (ii) mixed-use parking
projects located in a Garden State Growth Zone or urban transit hub located
within the aforementioned counties; (iii) and $75,000,000 of the credits shall
be restricted to qualified residential projects in municipalities with a 2007
Municipal Revitalization Index of 400 or higher as of the date of enactment of
the "New Jersey Economic Opportunity Act of 2013," P.L.2013, c.161
(C.52:27D-489p et al.) and located within the aforementioned counties;

���� (b)�� $440,000,000 shall be
restricted to the following categories of projects: (i) qualified residential
projects located in urban transit hubs that are commuter rail in nature that
otherwise do not qualify under subparagraph (a) of this paragraph; (ii) qualified
residential projects located in Garden State Growth Zones that do not qualify
under subparagraph (a) of this paragraph; (iii) mixed-use parking projects
located in urban transit hubs or Garden State Growth Zones that do not qualify
under subparagraph (a) of this paragraph, provided however, an urban transit
hub shall be allocated no more than $25,000,000 for mixed-use parking projects;
(iv) qualified residential projects which are disaster recovery projects that
otherwise do not qualify under subparagraph (a) of this paragraph; (v)
qualified residential projects in SDA municipalities located in Hudson County
that were awarded State Aid in State Fiscal Year 2013 through the Transitional
Aid to Localities program and otherwise do not qualify under subparagraph (a)
of this paragraph; (vi) $25,000,000 of credits shall be restricted to mixed-use
parking projects in Garden State Growth Zones which have a population in excess
of 125,000 and do not qualify under subparagraph (a) of this paragraph; (vii)
$40,000,000 of credits shall be restricted to qualified residential projects
that include a theater venue for the performing arts and do not qualify under
subparagraph (a) of this paragraph, which projects are located in a
municipality with a population of less than 100,000 according to the latest
federal decennial census, and within which municipality is located an urban
transit hub and a campus of a public research university, as defined in section
1 of P.L.2009, c.308 (C.18A:3B-46); and (viii) $150,000,000 of credits shall be
restricted to qualified residential projects and mixed-use parking projects in
Garden State Growth Zones having a population in excess of 125,000 and do not
qualify under subparagraph (a) of this paragraph;

���� (c)�� $87,000,000 shall be
restricted to the following categories of projects: (i) qualified residential
projects located in distressed municipalities, deep poverty pockets, highlands
development credit receiving areas or redevelopment areas, otherwise not qualifying
pursuant to subparagraph (a) or (b) of this paragraph; and (ii) mixed-use
parking projects that do not qualify under subparagraph (a) or (b) of this
paragraph, and which are used by an independent institution of higher
education, a school of medicine, a nonprofit hospital system, or any
combination thereof; provided, however, that $20,000,000 of the $87,000,000
shall be allocated to mixed-use parking projects that do not qualify under
subparagraph (a) or (b) of this paragraph;

���� (d)�� (i) $16,000,000 shall be
restricted to qualified residential projects that are located within a
qualifying economic redevelopment and growth grant incentive area otherwise not
qualifying under subparagraph (a), (b), or (c) of this paragraph; and

���� (ii)�� an additional
$50,000,000 shall be restricted to qualified residential projects which, as of
the effective date of P.L.2016, c.51, are located in a city of the first class
with a population in excess of 270,000, are subject to a Renewal Contract for a
Section 8 Mark-Up-To-Market Project from the United States Department of
Housing and Urban Development, and for which an application for the award of
tax credits under this subsection was submitted prior to January 1, 2016;

���� (e)�� $25,000,000 shall be
restricted to projects involving university infrastructure; and

���� (f)�� (Deleted by amendment,
P.L.2021, c.160)

���� (g)�� $125,000,000 shall be
restricted to applications submitted after the effective date of P.L.2020,
c.156 (C.34:1B-269 et al.) for residential projects in any county of the State.

���� (h)�� For subparagraphs (a)
through (d) of this paragraph, not more than $40,000,000 of credits shall be
awarded to any qualified residential project in a deep poverty pocket or
distressed municipality and not more than $20,000,000 of credits shall be
awarded to any other qualified residential project.� The developer of a
qualified residential project seeking an award of credits towards the funding
of its incentive grant shall submit an incentive grant application prior to
July 1, 2016 and if approved after September 18, 2013, the effective date of
P.L.2013, c.161 (C.52:27D-489p et al.) shall submit a temporary certificate of
occupancy for the project no later than December 31, 2023.� The developer of a
mixed-use parking project seeking an award of credits towards the funding of
its incentive grant pursuant to subparagraph (c) of this paragraph and if
approved after the effective date of P.L.2015, c.217, shall submit a temporary
certificate of occupancy for the project no later than December 31, 2023.� The
developer of a qualified residential project or a mixed-use parking project
seeking an award of credits toward the funding of its incentive grant for a
project restricted under categories (vi) and (viii) of subparagraph (b) of this
paragraph shall submit an incentive grant application prior to July 1, 2019 or,
in the case of a project restricted under category (viii) of subparagraph (b)
of this paragraph, December 31, 2021, and if approved after the effective date
of P.L.2017, c.59, shall submit a temporary certificate of occupancy for the
project no later than June 30, 2028, provided that the municipality in which
the project is located shall have submitted to the chief executive officer of
the authority a letter of support identifying up to six projects prior to July
1, 2018.� The letter of support is to contain a project scope for each of the
projects and may be supplemented or amended from time to time until July 1,
2019 or, in the case of a project restricted under categories (vi) and (viii)
of subparagraph (b) of this paragraph, December 31, 2022.� A developer may
amend the application, or assign the application to a municipal redeveloper,
for a project restricted under categories (vi) and (viii) of subparagraph (b)
of this paragraph that is described in subparagraph (c) of paragraph (2) of
subsection b. of section 3 of P.L.2022, c.75 (C.52:27D-489i1) by excluding the
visitor center, youth center, or both from the application, provided that the
project otherwise qualifies as a mixed-use parking project, and, notwithstanding
any provisions of section 3 of P.L.2022, c.75 (C.52:27D-489i1) or any law or
rule to the contrary, the maximum amount of any redevelopment incentive grant
for the modified project shall be as set forth for projects described in
subparagraph (c) of paragraph (2) of subsection b. of section 3 of P.L.2022,
c.75 (C.52:27D-489i1).� Applications for tax credits pursuant to this
subsection relating to an ancillary infrastructure project or infrastructure
improvement in the public right-of-way, or both, shall be accompanied with a
letter of support relating to the project or improvement by the governing body
or agency in which the project is located.� Credits awarded to a developer
pursuant to this subsection shall be subject to the same financial and related
analysis by the authority, the same term of the grant, and the same mechanism
for administering the credits, and shall be utilized or transferred by the
developer as if the credits had been awarded to the developer pursuant to
section 35 of P.L.2009, c.90 (C.34:1B-209.3) for qualified residential projects
thereunder.� No portion of the revenues pledged pursuant to the "New
Jersey Economic Opportunity Act of 2013," P.L.2013, c.161 (C.52:27D-489p
et al.) shall be subject to withholding or retainage for adjustment, in the
event the developer or taxpayer waives its rights to claim a refund thereof.

���� (i)��� The developer of a
project seeking an award of credits for a project restricted under subparagraph
(g) of this paragraph shall submit an incentive grant application prior to
December 31, 2021, and if approved after the effective date of P.L.2020, c.156
(C.34:1B-269 et al.), shall submit a temporary certificate of occupancy for the
project no later than December 31, 2024.� In addition to the requirements for
an award of credits set forth in P.L.2009, c.90 (C.52:27D-489a et al.), a
developer shall be eligible to receive an award of credits for a project
restricted under subparagraph (g) of this paragraph only if the developer
demonstrates to the authority at that time of application that: (i) the project
shall comply with minimum environmental and sustainability standards; (ii) the
project shall comply with the authority's affirmative action requirements,
adopted pursuant to section 4 of P.L.1979, c.303 (C.34:1B-5.4); (iii) each
worker employed by the developer or subcontractor of a developer working at the
project shall be paid not less than $15 per hour or 120 percent of the minimum
wage fixed under subsection a. of section 5 of P.L.1966, c.113 (C.34:11-56a4),
whichever is higher; and (iv) during the eligibility period, each worker
employed to perform construction work or building services work at the project
shall be paid not less than the prevailing wage rate for the worker's craft or
trade, as determined by the Commissioner of Labor and Workforce Development
pursuant to P.L.1963, c.150 (C.34:11-56.25 et seq.) and P.L.2005, c.379
(C.34:11-56.58 et seq.).

���� Prior to the board considering
an application submitted by a developer for a project restricted under
subparagraph (g) of this paragraph, the authority shall confirm with the
Department of Labor and Workforce Development, the Department of Environmental Protection,
and the Department of the Treasury whether the developer is in substantial good
standing with the respective department, or has entered into an agreement with
the respective department that includes a practical corrective action plan for
the developer.� The developer, or an authorized agent of the developer, shall
certify to the authority that all factual assertions made in the developer's
application are true under the penalty of perjury.� If at any time the
authority determines that the developer made a material misrepresentation on
the developer's application, the developer shall forfeit the award of credits
and the authority shall recapture any tax credits awarded to the developer.

���� (4)�� A developer may apply to
the Director of the Division of Taxation in the Department of the Treasury and
the chief executive officer of the authority for a tax credit transfer
certificate, if the developer is awarded a tax credit pursuant to paragraph (2)
or paragraph (3) of this subsection, covering one or more years, in lieu of the
developer being allowed any amount of the credit against the tax liability of
the developer.� The tax credit transfer certificate, upon receipt thereof by
the developer from the director and the chief executive officer of the
authority, may be sold or assigned, in full or in part, to any other person who
may have a tax liability pursuant to section 5 of P.L.1945, c.162 (C.54:10A-5),
sections 2 and 3 of P.L.1945, c.132 (C.54:18A-2 and C.54:18A-3), section 1 of
P.L.1950, c.231 (C.17:32-15), or N.J.S.17B:23-5.� The certificate provided to
the developer shall include a statement waiving the developer's right to claim
that amount of the credit against the taxes that the developer has elected to
sell or assign.� The sale or assignment of any amount of a tax credit transfer
certificate allowed under this paragraph shall not be exchanged for
consideration received by the developer of less than 75 percent of the
transferred credit amount before considering any further discounting to present
value that may be permitted.� Any amount of a tax credit transfer certificate
used by a purchaser or assignee against a tax liability shall be subject to the
same limitations and conditions that apply to the use of the credit by the
developer who originally applied for and was allowed the credit.

���� c.���� All administrative
costs associated with the incentive grant shall be assessed to the applicant
and be retained by the State Treasurer from the annual incentive grant
payments.

���� d.��� The incremental revenue
for the revenues listed in subsection a. of this section shall be calculated as
the difference between the amount collected in any fiscal year from any
eligible revenue source included in the State redevelopment incentive grant agreement,
less the revenue increment base for that eligible revenue.

���� e.���� The municipality is
authorized to collect any information necessary to facilitate grants under this
program and remit that information in order to assist in the calculation of
incremental revenue.

(cf: P.L.2024, c.71, s.2)

���� 12.� (New Section) The
Department of Environmental Protection shall, in accordance with the
"Administrative Procedure Act," P.L.1968, c.410 (C.52:14B-1 et seq.),
adopt rules and regulations as necessary to implement this act.

���� 13.� The following sections
are repealed:

Section 1 of P.L.2007, c.112
(C.26:2C-37);

Section 2 of P.L.2007, c.112
(C.26:2C-38);

Section 3 of P.L.2007, c.112
(C.26:2C-39);

Section 4 of P.L.2007, c.112
(C.26:2C-40);

Section 5 of P.L.2007, c.112
(C.26:2C-41);

Section 6 of P.L.2007, c.112
(C.26:2C-42);

Section 7 of P.L.2007, c.112
(C.26:2C-43);

Section 9 of P.L.2007, c.112
(C.26:2C-44);

Section 1 of P.L.2007, c.340
(C.26:2C-45);

Section 2 of P.L.2007, c.340
(C.26:2C-46);

Section 3 of P.L.2007, c.340
(C.26:2C-47);

Section 4 of P.L.2007, c.340
(C.26:2C-48);

Section 5 of P.L.2007, c.340
(C.26:2C-49);

Section 6 of P.L.2007, c.340
(C.26:2C-50);

Section 7 of P.L.2007, c.340
(C.26:2C-51);

Section 8 of P.L.2007, c.340
(C.26:2C-52);

Section 9 of P.L.2007, c.340
(C.26:2C-53);

Section 10 of P.L.2007, c.340
(C.26:2C-54);

Section 11 of P.L.2007, c.340
(C.26:2C-55);

Section 14 of P.L.2007, c.340
(C.26:2C-56); and

Section 15 of P.L.2007, c.340
(C.26:2C-57).

���� 14. This act shall take effect
immediately.

STATEMENT

���� This bill would withdraw New
Jersey�s involvement in the Regional Greenhouse Gas Initiative (RGGI), repeal
the �Global Warming Response Act,� and amend various sections of statutory law
related to its implementation.

���� The bill would direct the
Commissioner of Environmental Protection to issue a Notice of Withdrawal to the
RGGI Memorandum of Understanding in order to formally revoke New Jersey�s
agreement to participate in the RGGI program.

���� This bill would also repeal
the �Global Warming Response Act,� 26 P.L.2007, c.112 (C.26:2C-37 et al.), and
related sections of 27 P.L.2007, c.340 (C.26:2C-45 et al.), which is commonly
referred to as the RGGI implementing law. �The bill would amend various
sections of the statutory law in order to remove any references to the acts
being repealed.

���� The bill would retain section
13 of the RGGI implementing law, as well as subsections g. and h. of 33
P.L.1999, c.23 (C.48:3-87), which were added to that section of law by the
Global Warming Response Act, since these provisions do not relate to the
regulation of greenhouse gas emissions, and instead provide only for the
discretionary investment, funding, and adoption of energy efficiency and
renewable energy programs and standards.

���� The bill would also transfer
to the General Fund all of the unencumbered moneys in the �Global Warming
Solutions Fund,� which was established pursuant to the Regional Greenhouse Gas
Initiative implementing law. �The funds are to be made available for ratepayer
relief.

���� Finally, the bill would amend
the laws establishing the State�s Forest Stewardship Incentive Fund, the
State�s Plug-in Electric Vehicle Incentive Fund, and the State�s three-year
�Electric School Bus Program� (which commenced in 2023), in order to remove the
provisions of those laws that previously authorized the use of moneys in the
Global Warming Solutions Fund.� In addition, the bill would clarify that a
developer operating under a redevelopment incentive grant agreement will not be
eligible to receive payment, from the State Treasurer, for charges that were
paid thereby, prior to this bill�s effective date, in compliance with the
�Global Warming Response Act.�