NJBPU has adopted a new program to develop and stimulate the installation of solar panels. New initiatives will replace the current SREC program. Currently, it planned to use 15-year TREC certificates and fixed-price. The new program will stimulate an increase in the number of solar installations throughout the region. TRECs will target non-commercial projects. It will help accelerate the transition to green energy.

The project aims to stimulate private companies to install solar panels. The management expects a 15-year cycle in which scenarios for the development of solar energy in the region will implement. It is also worth noting that electricity prices will gradually decline. It will allow the market to switch to renewable energy sources.

According to NJBPU President Joseph L. Fiordaliso, the mission of the Board is to switch to 100% clean energy by 2050. The government believes that this is an important program that will reduce the dependence on dirty energy and provide the population with affordable prices for solar energy.

These activities will protect each taxpayer and balance the overall economic factors. It is worth noting that the law on clean energy was adopted at the beginning of 2018. According to this law, the program for providing benefits for new enterprises has changed. The latest meeting in December 2018 and even developed a new initiative that will become more successful and profitable for the entire staff. It will allow all enterprises and individuals to benefit from the installation of renewable energy sources.

The Board’s mission is to reduce costs to ratepayers. It is necessary to determine the right size of the incentive value.

Here are the different factorizations:

Project TypeFactor
Subsection (t): landfill, brownfield, areas of historic fill.1.0
Grid supply rooftop1.0
Net metered non-residential rooftop and carport1.0
Community solar0.85
Grid supply ground mount0.6
Net metered residential ground mount0.6
Net metered residential rooftop and carport0.6
Net metered non-residential ground mount0.6

During the discussion of new initiatives, the Straw Proposal was adopted. Various stakeholders discussed proposals for a general meeting as a result of which it decided to develop special incentives for promoting green energy in the region. Thanks to the encouragement, many companies will be able to switch to alternative energy and will not use the irrelevant SREC program.

The new program will be the best and most optimal solution in the current situation. The company’s incentive is new opportunities and a revision of rates. Thanks to the TISSP Staff, all parties will be able to participate actively and switch to alternative energy. These activities can help the region switch to Green Energy by 100% by 2050. It is an ambitious decision that is planned at the state level. Now, companies have an extended period to switch to alternative energy and the use of solar panels.