From my colleague Alex Mertens:
On July 23, New Jersey Governor Chris Christie signed into law a bill which amends the state’s solar energy incentive program in an effort to stabilize the market for solar renewable energy credits (SRECs) and support the development of solar projects within the state. Key features of the law include: (a) an increase in the solar renewable portfolio standard (SRPS) in the near term to accelerate utilities’ purchase of SRECs and reduce the current oversupply; (b) an extension of the "shelf-life" of SRECs for up to 5 years, from 3, permitting developers more flexibility to sell SRECs into the market at advantageous times; (c) a significant reduction in the penalties for failure to comply with the SRPS, intended to protect ratepayers from bearing the burden of high penalties; (d) incentives to encourage the development of solar systems on brownfields, landfills, and parking lots, as opposed to on farmland and greenfields, and (e) the authorization of aggregated net metering for certain public entities, which will permit such entities to offset electricity costs at non-connected buildings.
In the near future, we plan to send out an Energy Law Alert describing the new law in more detail. If you would like to sign up to receive our Energy Law Alerts, please go to http://www.stoel.com/subscribe.