New Jersey has passed a law that requires companies to purchase more solar energy, it has been announced. According to the bill, companies have to obtain 2.05% of their total energy from solar in the energy year (EY) 2014 under the new renewable portfolio standard. After that, the amount of solar energy required will be raised every year to 4.10% by 2028.
At the moment the amount of renewable energy companies are required to purchase is measured in GW as opposed to percentages; the bill further includes a lower cap on the prices for the Solar Renewable Energy Certificate (SREC). In passing the new bill, the New Jersey State legislature hopes to revive the solar industry in the state. The bill now has to be approved by Governor Chris Christie.