On May 23, 2018, the much anticipated bill that modifies and expands New Jersey’s Renewable Portfolio Standard (RPS) was signed into law by Governor Phil Murphy. Overall, bill A3723 both increases utility clean energy compliance targets and improves mechanisms giving solar energy access to more families and communities.
These new Renewable Portfolio Standard goals now make New Jersey competitive with the most forward thinking clean energy states like California and New York. We highlight the most significant changes:
- There is a modest increased requirement of 21% sourced renewable energy by 2020.
- By 2020 the solar energy carve out is expanded to 5.1%. This is a significant boost over the previous requirement of 4.1% by 2028.
- Future requirements have been strengthened as well.
- 35% of the state’s energy should be sourced from renewables by 2025.
- 50% by 2030.
- Related to these new energy requirements the mandate also increases energy storage targets for better efficiency and power grid resilience.
- A goal of 600 MW of energy storage capacity installed by 2020.
- A goal of 2,000 MW installed by 2030.
Clean energy and solar energy advocates are pleased with this upgrade. According to Jim Spano, MSEIA’s Vice President for New Jersey, “This new law is nothing less than a fundamental overhaul of the way our state will generate, distribute, and use energy. It will launch New Jersey, the birthplace of solar power technology, into the forefront of the drive to combat global warming and create a sustainable energy future.” MSEIA (Mid-Atlantic Solar Energy Industries Association) is a trade organization that has represented solar energy companies in New Jersey, Pennsylvania, and Delaware since 1997.
New Jersey Solar Energy Record
In related news, earlier in May MSEIA announced that on May 1, 2018, solar energy systems in New Jersey provided about 20.4% of the state’s total electric load on average, and 21.6% at peak (12:30 PM), according to the organizations calculations.
Previously we shared the good news about solar energy growth in Pennsylvania. We are just as excited about the present and future solar energy potential in New Jersey thanks to the revised renewable portfolio standard!