(TRENTON) – Assemblymen Wayne P. DeAngelo, Matthew W. Milam and Nelson T. Albano are proposing legislation to increase solar energy tax credits for companies that utilize solar energy equipment manufactured in New Jersey.
“What could be better than improving New Jersey’s environmental future while creating green jobs at the same time,” said DeAngelo (D-Mercer/Middlesex), the vice chair of the Assembly Telecommunications and Utilities Committee that recently released the bill. “By sweetening the pot to encourage solar energy investors to use New Jersey manufactured equipment, everyone wins.”
The legislation (A-2042) would amend and supplement the state’s Electric Discount and Energy Competition Act, which directs the state Board of Public Utilities to provide solar renewable energy certificates – a tradable certificate representing the environmental attributes of a particular amount of solar electric generation – to businesses investing in solar energy generation, at a rate of one certificate per one megawatt hour of solar electric generation.
Under the bill, businesses that utilize New Jersey manufactured solar energy components would receive one certificate for every 850 kilowatt hours of solar electric generation.
“It stands to reason that most solar energy investors would want to utilize local parts and equipment whenever possible,” said Milam (D-Atlantic/Cape May/Cumberland). “This legislation makes it easier to do just that and is just one more way that we’re working to help create jobs and support New Jersey businesses.”
“Helping the economy while protecting the environment is really a no-brainer,” said Albano (D-Atlantic/Cape May/Cumberland). “Encouraging New Jersey businesses to use New Jersey-made products will help reinvigorate our slowly-recovering economy twice as fast.”
The measure is scheduled for a Monday vote by the full Assembly.
