New Jersey Statutes Title 48. Public Utilities 48 § 3-121.6

Current as of January 01, 2024 | Updated by Findlaw Staff

a. There is established in the Board of Public Utilities a special, non-lapsing fund to be known as the “Energy Storage Fund.” The fund shall be administered by the board and shall be credited with:

(1) monies deposited into the fund by the board pursuant to subsection b. of this section;

(2) monies appropriated by the Legislature; and

(3) any return on investment of monies deposited in the fund.

b. The board shall deposit into the fund, each year, until the end of all award periods for incentive awards issued pursuant to P.L.2025, c. 136 (C.48:3-121.2 et al.), a minimum of $60,000,000 from the:

(1) revenues from the societal benefits charge established pursuant to subsection a. of section 12 of P.L.1999, c. 23 (C.48:3-60); and

(2) monies made available from other funding sources, as determined by the board, which sources shall include, but not be limited to, federal funding.

c. Notwithstanding any restrictions on the use of funds provided in section 12 of P.L.1999, c. 23 (C.48:3-60), monies in the fund shall be used by the board solely to fund:

(1) incentive awards issued pursuant to P.L.2025, c. 136 (C.48:3-121.2 et al.); and

(2) energy storage incentives issued pursuant to the GSESP.

d. In the fiscal year beginning on July 1, 2027, and in each fiscal year thereafter, until the end of all award periods for incentive awards issued pursuant to P.L.2025, c. 136 (C.48:3-121.2 et al.), the board shall allocate sufficient monies from the “Energy Storage Fund” established pursuant to subsection a. of this section to fully fund the incentive awards issued by the board pursuant to P.L.2025, c. 136 (C.48:3-121.2 et al.).

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Cite this article: FindLaw.com - New Jersey Statutes Title 48. Public Utilities 48 § 3-121.6 - last updated January 01, 2024 | https://codes.findlaw.com/nj/title-48-public-utilities/nj-st-sect-48-3-121-6/

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