In New Jersey's gubernatorial race, solar power development has become a hot topic. Incumbent Democratic Governor Jon Corzine has been at the wheel over the last few years as the state moved from one of the country's strongest cash-based solar incentives to an innovative, and slightly risky, solar renewable energy certificate (SREC) trading program. SREC sales have been part of the state's approach to incentivizing solar for years, but until recently, they were the support--not the foundation.
Yesterday, New Jersey Governor Jon Corzine signed into law a package of three renewable energy bills that received legislative approval earlier in March. Sponsored by Senator Bob Smith, the passage of the bills is a political coup for New Jersey Democrats and very welcome news for solar and wind energy professionals in the state, regardless of their political leanings. Here are some details of the bills (direct quotes taken from the press release on the package):