Living up to its name as the Garden State, last week New Jersey took significant actions aimed at making its energy sector one of the cleanest in the country. Specifically, New Jersey passed key legislation aimed at boosting its renewable energy industry and also keeping its existing nuclear power plants online. The central piece of legislation, Assembly Bill 3723, sets the renewable energy goal and anchors much of the growth in wind and solar energy, aiming to hit 35 percent renewables by 2025 and eventually 50 percent by 2030. The bill was passed alongside a $300 million annual subsidy to the state’s remaining nuclear power plants, which provide the state with roughly 40 percent of its electricity. The new law also increases the state’s offshore wind goal to 3,500MW, sets an energy storage target of 2,000 MW by 2030, creates a community solar program, doubles the state’s net metering cap, and requires increases in energy efficiency from utilities.
The new law is poised to make New Jersey a leader in clean energy, and reflects the state’s commitment to not only achieving its climate goals, but also boosting economic growth.