A new bill introduced in Trenton (A-5460) could dramatically reduce the value of Solar Renewable Energy Certificates (SRECs) for solar system owners in Lakewood and throughout New Jersey. If passed, this legislation would lower SREC payments from the current $190 to $50 in June, and eventually down to $10—a reduction of over 90%.
This change would result in significant financial losses for the 118,000 residential and 6,000 commercial, municipal, and school solar system owners who invested in solar with the expectation of reliable returns from SREC credits. An estimated 75% of these systems were installed between 2015 and 2020.
Many of these solar owners depend on their SREC payments to cover solar lease or loan obligations.
What’s the Purpose of the Bill?
The bill is intended to reduce penalties for utility companies, with the stated goal of lowering electricity rates for consumers. However, opponents argue that:
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The savings are unlikely to reach ratepayers, since utilities have already locked in long-term power supply contracts through Basic Generation Services (BGS) auctions and bilateral agreements.
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Solar investors, not utilities, bear the cost, undermining the trust between the state and those who supported renewable energy.
What You Can Do:
The Assembly State and Local Government Committee will take public testimony (oral only) on Thursday, May 15th regarding A-5460, sponsored by Assemblyman Alexander Schnall.
We urge you to email your Assembly representatives immediately to express your strong opposition to this bill. Make your voice heard and defend the economic stability and contractual integrity of New Jersey’s solar incentive programs.
Sample Message:
I strongly oppose A-5460, which would drastically cut my SREC payments starting in June. I made my solar investment based on the SREC program in place at the time, and reducing these payments now is a betrayal of trust and a severe economic hardship. Please vote NO on this bill and protect clean energy investments across New Jersey.
Contact These Legislators Today:
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Robert Karabinchak – Edison, Middlesex County: asmkarabinchak@njleg.org
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Lisa Swain – Fair Lawn, Bergen County: aswswain@njleg.org
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Mitchelle Drulis – Flemington, Hunterdon County: aswdrulis@njleg.org
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Tennille McCoy – Hamilton, Mercer County: aswmccoy@njleg.org
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Alexander Schnall – Lakewood, Ocean County (Bill Sponsor): asmschnall@njleg.org
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Erick Simonsen – Lower Township, Cape May County: asmsimonsen@njleg.org
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Claire Swift – Egg Harbor, Atlantic County: aswswift@njleg.org
Why should we be subsidizing their solar? I am perfectly ok with it being reduced.
ReplyDeleteBecause there was a locked in rate when they signed up and made the investment. Now they are changing it in middle with no warning or grace period causing a hefsed to many frum people.
DeleteDo you also have the same attitude about subsidizing all the non profits in Lakewood
Or all the government programs that your taxes subsidizes
They are saving much more in electricity costs which are about double what they were in 2020
DeleteD u m b! The incentive for solar was created to lighten the load on the grid The prices are going up because of the load on the grid there is not enough electric. cutting the incentive to get off the grid we'll just increase the load on the grid and raise prices. Very short-term gain if anything and then higher prices
DeleteEvery penny of that is paid by everyone who uses electricity within the state of NJ. The cost of SRECs accounts for about 2-2.5 cents of every kWh used.These are from the highest SREC values in the country.
ReplyDeleteNot kilowatts used but kilowatts created if you don't have solar your kilowatts are not taxed per kilowatt to pay someone else for his s Rec just plain false. If you have a solar array then per kilowatt created you get back a credit
DeleteWhat they write about it not reaching customers is a bunch of bunk written by people with an interest in getting subsidized by electricity users. The BGS suppliers would be required to pass through the savings.
ReplyDeleteAVI WHERE'S THE FREE TUITION??
ReplyDeletestop trying to distract us with passing useless bills. fact is everyone's electricity rates will be shooting up in June regardless of this bill.
You were elected for one thing and you did not deliver
What about schnalls bill that will allow CHEMED and other FQHC clinics to charge more from NJ family care even for the same visit how much would that raise taxes on poor new Jerseyans ??
ReplyDeleteWho is he working for
If Schnall was not a cosponsor of this bill no one would have storng enough opinions about it that it would even be mentioned here
ReplyDeleteSchnall would be the first one to scream against this bill that will be hurting hundreds of Lakewood families he would make action alert videos on all his friendly media to urge legislatiors against thus Bill
DeleteBut now that HE is sponsoring it everyone remains quiet despite the tremendous damage it will do to yiddishe gelt
Many more Lakewood families are currently getting hurt by paying for these recs on their energy bill.
Deletei LOVE AVI SCHNALL but this is not fair to anyone that is faced with high monthly solar costs that were counting on it being covered with SREC payments
ReplyDeleteSo you'll bear culpability for our problems since you LOVE AVI SCHNALL
DeleteSREC is a tax on all of us to subsidize Solar, and save the world from GW. If its gone everyone saves money. Sad for people who relied on essentially unguaranteed gov subsidies, but good for 85% of lakewood that never installed solar
ReplyDeleteThis bill is not saving anything for Lakewood residents maybe a few pennies but causing a direct loss of millions of dollars of frum money.
DeleteThis was a big mistake for Schnall to pretend he cares about energy hikes after the damage was already done.
He will lose many voters if this passes
Why should the majority of Lakewood citizens pay to subsidize the minority?
ReplyDeleteI'm sure Avi discussed this with daas torah as he does with every decision he makes. (I'm being facetious if you're unsure.)
ReplyDeleteAll kidding aside, it's time for government subsidies for special interests to end. Even without the srec they are saving money, while the regular guy is paying for it.
Can we also get rid of the special credit for electric vehicles available to those on government programs. Why are we subsidizing their new vehicles while us hard paying workers can't afford it?
The electric car industry is not economically viable, without the tremendous subsidies the state and federal governments provide. Plus the overpriced cost of the cars, and limited lifetime of the car (batteries die within 2-4 years).
DeleteAvi, go home & stay there!
ReplyDeleteI'm very far from being a Schnall supporter but this bill does seem to make sense. Utilities are mandated as part of the bill to pass any cost savings from the reduced SACP rates directly to consumers through lower electricity rates. Why should I have to pay for anyone else's solar investment?
ReplyDelete3:18 you are wrong Bec 15% of lakewood already are locked into a 15 year cycle of monthly bills that were based on being compensated by SREC it is unfair to leave them hanging to dry mid stream. as far as your claim of it being unguaranteed gov subsidies you and i both know the nothing is more guaranteed then govt subsidies NOBODY expected this to disappear
ReplyDeleteif this bill is not pulled unfortunately avi could lose 15% of lakewood vote
ReplyDeleteThe democrats are hypocrites they pushed everyone to go for this incentive with renewable energy and green energy
ReplyDeleteNow that it's an election year and the democrats allowed the BPU to raise rates they pull the plug midstream and leave everyone hanging
They gave all the EV incentives for electric vehicles
Never vote for Democrats
Not a smart move at all by unzere politician
ReplyDeleteMost of Lakewood won't see a penny reduction in their bill while this bill is targeting hundreds of frum families causing them a financial loss of tens of thousands depending how many years in they are
I fully support the deal. BH I never installed solar panels on my roof. I knew it was a risky proposition and now I’m being proven right!
ReplyDeleteSo it sounds like Schnall is telling people this is only effecting 10% of Lakewood he cares about the other 90% .
ReplyDeleteOk let's take a look at his record of bills and see how much he cares
Tuition bill fooled 100% of Lakewood
CHEMED reimbursement bill for them to double bill Jersey care would raise taxes on All of Lakewood while helping CHEMED owners
CHS bill adding 30 million in taxes, how much percent of Lakewood is that helping.
Here,the savings for the 90% on their electric bill is ZERO yet this bill is causing a loss of up to 3,000 a year per family that were promised these incentives by the Democrat government who Schnall is a member of.
Did he even know what he was introducing with this bill or following orders from the lobbyists
Avi just remember after 120 you will have to give A din v'chesbon together with all your cronies. What you are doing is uncalled for. Guaranteed if Avi had solar he wouldn't be doing this.
ReplyDeleteGuaranteed if you thought you your electric bills would be lower you wouldn't oppose this.
Deleteto all those not opposing this bill you think its ok to cause financial loss of a few thousand $ a year for up to 15 years! to MANY HUNDREDS of local families bec of tiny saving of a few pennies in electric bills. where is your middos? i would understand cutting of the SREC for those going forward but not for those that already locked in and were counting on this
ReplyDeleteThey knew were taking this risk beforehand. One of the reasons why I did not have solar panels installed was because it sounded too good to be true.
DeleteThis blind hatred is amazing-a thompson supporter who still has some common sense
ReplyDeleteObviously the guy who runs hefkervelt owns solar panels. I'm also usually opposed to Schnall but think he is right about this. All the opponents of this seem to own solar panels.
DeleteWhy is Agudah ofNew Jersey not fighting this
ReplyDeleteAll the Rabbonim who wrote letters in support of Schnall go to them and ask if they take achrayus for a direct hefsed mammon of thousands of dollars to local mishpachos
ReplyDeleteThis bill is an embarrassment to those who forced Avi Schnall on the community with a false promise of tuition releif while this bill is taking money in the thousands from their own mispalelim and Lakewood yidden.
Its gezeilas mammon yisroel
A chutzpah that it was even presented
Such אכזריות from people who have nothing ro gain and won't get any penny back for electricity but they are happy to see hundreds of Lakewood families lose thousands of dollars yearly
ReplyDeleteWe have מדת סדום in our midst
The bill mandates the electric companies pass their saving on to their customers via lower rates. What is the claim that no one will see a reduction based on?
DeleteBecause this will save you at most a pittance and won't even start for a few years while the loss if thousands of dollars to others is a guarantee and direct הפסד ממון
DeleteLooks like schnall introduced this bill not knowing about Srecs or anything else
DeleteHe was forced and imposed on the community by the Adirei deepstate they ran a campaign of bullying fooling the community to vote against their beliefs in electing a democrat with fake marketing of free tuition to lure the sheep to the polls. It was a cover for nursing home relief so they can have their man in the assembly
ReplyDelete