New Jersey’s SREC program was considered a top-tier incentive program by many renewables and clean energy groups. But the state, like many in the Northeast, has some of the highest power bills in the country, and part of Gov. Murphy’s clean energy plan called for ensuring the state’s energy transition was affordable.
The 2018 law also calls for doubling New Jersey’s renewable portfolio standard to 50% renewables by 2030. Under that plan, state regulators are required to make “near-term structural changes to ensure that the program is sustainable over the long term.”