2. a. There is established in the Board of Public Utilities a program to be known as the SREC-II program, which shall serve as the successor program to the SREC program established pursuant to section 38 of P.L.1999, c.23 (C. 48:3-87). The goal of the program shall be to provide incentives for the development of at least 3,750 megawatts of new solar power generation by 2026, although this goal may be extended or revised by the board as necessary to conform to the State‘s solar energy policies.

b. The board shall develop, as part of the SREC-II program, a process for the creation and distribution of renewable energy certificates, to be known as “SREC-IIs,” for each megawatt hour of energy produced by a qualifying solar electric power generation facility for a duration established by the board. The board shall also establish a system by which to distribute a renewable energy incentive payment, to be known as the “SREC-II value per megawatt-hour,” to the owner of an eligible solar electric power generation facility, which shall be measured in dollars-per-megawatt-hour of solar power generation, and which shall represent the value of the environmental attribute produced by the solar electric power generation facility. SREC-IIs shall be transferable and capable of being used by an electric power supplier or basic generation service provider to satisfy the State’s renewable portfolio standards established pursuant to section 38 of P.L.1999, c.23 (C. 48:3-87). SREC-IIs shall be eligible for use in renewable energy portfolio standards compliance in the energy year in which they are generated, and for the following energy year.

c. No later than one year after the effective date of P.L.2021, c.169 (C. 48:3-114 et al.), the board shall adopt, pursuant to the “Administrative Procedure Act,” P.L.1968, c.410 (C. 52:14B-1 et seq.), rules and regulations establishing the SREC-II program in accordance with the provisions of P.L.2021, c.169 (C. 48:3-114 et al.).

d. The board is authorized to establish, impose, and collect fees, escrows, and other charges the board deems necessary and proper to implement the provisions of P.L.2021, c.169 (C. 48:3-114 et al.).

e. The costs of the SREC-II program shall be apportioned to ratepayers using a methodology approved by the board. Except as provided in subsection h. of section 4 of P.L.2021, c.169 (C. 48:3-117), the methodology shall be similar to that by which the board apportions the costs of SRECs and other renewable energy certificates pursuant to section 38 of P.L.1999, c.23 (C. 48:3-87) and consistent with the competitive retail market established by the “Energy Discount and Energy Competition Act,” P.L.1999, c.23 (C. 48:3-49 et al.).

L.2021, c.169, s.2.