On July 23, 2012, Gov. Chris Christie signed into law c. 24, § 3, known as the Solar Act. The law amends the Electric Discount and Energy Competition Act (N.J.S.A. 48:3-49, et seq.) and has three principal objectives: (1) addressing the oversupply of solar renewable energy credits; (2) stabilizing the New Jersey solar market; and (3) promoting continued solar industry growth — all in accordance with the goals set forth in the state's Energy Master Plan (EMP).
A perceived crisis in New Jersey's solar industry has created a litany of questions as the state moves forward with its clean energy goals. The most pressing of these issues is how to incentivize solar growth, while also advancing the shared goals of providing reasonably priced power to consumers and protecting our environment and open space. The Solar Act is a legislative effort to resolve these issues.
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