Eliminates solar renewable energy portfolio standard and directs BPU to replace solar renewable energy certificates with fixed-rate incentives.

S 4300 eliminates New Jersey's solar renewable energy portfolio standard, which required electric power suppliers and basic generation service providers to source a certain percentage of electricity from solar energy. Instead of using solar renewable energy certificates (SRECs), the bill directs the Board of Public Utilities (BPU) to replace the system with fixed-rate incentives of $95 per megawatt hour of solar energy produced. This change would take effect on June 1, 2025, and would provide direct payments to solar facility owners who were properly registered in the existing SREC program. The bill would require the BPU to develop a new system for distributing these fixed-rate payments to eligible solar energy producers.