NJ A6262

Requires the New Jersey Board of Public Utilities (BPU) to pay all compliance costs incurred by residential and commercial utility customers when complying with state energy policies, including the Energy Master Plan

Compliance costs covered include purchasing and installing new appliances or equipment, permitting fees, electrical panel upgrades, wiring upgrades, and infrastructure improvements for electric utility service connections

Funding sources for compliance cost payments include uncommitted monies from the societal benefits charge, the Global Warming Solutions Fund, and the Ørsted settlement agreement from May 2024

If uncommitted funds are exhausted, the BPU must use appropriations from the General Fund to cover remaining compliance cost payments

The bill responds to concerns about electrification mandates, citing estimates that the average cost to retrofit a home for heat pump installation is approximately $25,600, with only 16% of New Jersey homes currently using electric space heating