New Jersey Board of Public Utilities Announces 2016 Renewable Electric Storage Incentive Program
The New Jersey Board of Public Utilities (the “Board”) has announced that it will be taking applications for a portion of the 2016 Renewable Electric Storage Incentive Program (the “Program”) beginning at 9 am on March 1, 2016. The details of the Program are as follows:
- The total incentive budgeted for the Program is $6,000,000.
- $3,000,000 is allocated for the instant offering and the other $3,000,000 is allocated to a subsequent offering to be based on the Rutgers LESS research and stakeholder input which is targeted for the Board’s March 2016 agenda.
- The application window for eligible projects opens at 9 am on March 1, 2016. Applications will be accepted on a first-come, first-served basis until the $3,000,000 budget has been committed.
- Eligible storage systems must be integrated with either new or an existing net metered Class 1 renewable energy system at a site served under a non-residential tariff that contributes to the Societal Benefits Charge through its electric and/or gas utility bills.
- Eligible projects will receive a rebate of $300 per kilowatt-hour based on the energy capacity of the storage equipment (minimum of 100 kilowatt-hours). Maximum incentive levels are $300,000 per project and $500,000 per entity.
- Eligible projects will qualify for reimbursement of 50% of the cost of a Level 3 Interconnection Study if required by the utility, with the reimbursement not being counted against the project or the entity maximum rebate amounts.
- The rebate is to be paid after the project commences commercial operation and receives New Jersey Clean Energy Program inspection approval.
The intent of the program is to structure a standardized incentive across different primary applications, including frequency regulation, demand reduction and emergency back-up.
If you are considering filing an application, need assistance filing an application or desire more information, please contact your Chiesa Shahinian & Giantomasi PC attorney.