New Jersey Assembly Bill A4658

New Jersey 2022-2023 Regular Session

• Introduced: 9/29/22
• Refer: 9/29/22

Caption

Revises State renewable energy portfolio standards.

Impact

The implications of A4658 on state laws are considerable. By requiring a substantial increase in local generation of renewable energy, the bill aims to bolster New Jersey's green economy and incentivize local energy production. This expected shift in energy policy could lead to job creation in the renewable energy sector and support local businesses involved in energy production. Additionally, defining zero-carbon electricity sources will help guide future investments in clean energy infrastructure, aligning with national efforts to combat climate change.

Summary

Assembly Bill A4658 proposes a significant revision to the State of New Jersey's renewable energy portfolio standards (RPS). The bill is designed to enhance the state's commitment to renewable energy by defining new targets for electricity produced from renewable sources. Specifically, it sets forth a requirement that, starting in 2030, at least 50% of renewable energy certificates (RECs) used to comply with Class I RPS must be generated within New Jersey. Furthermore, the bill requires that by 2045, 100% of the energy sold at retail comes from Class I renewable energy sources, thereby phasing out the current Class II RPS which mandates that 2.5% of energy be sourced from Class II renewables.

Contention

Notably, discussions surrounding the bill could involve contention related to the feasibility of achieving these ambitious targets and the potential economic impact on traditional energy sectors. Some stakeholders may express concerns regarding the financial implications for electric utilities, particularly in transitioning away from conventional energy sources. Ultimately, the bill encapsulates a forward-thinking approach to energy policy but may trigger debates about balancing economic interests with environmental responsibilities.