NJ A4517

Board of Public Utilities (BPU) must 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, appliance upgrades, wiring and electrical panel upgrades, and structural changes for electric service improvements

BPU must fund these payments using uncommitted monies from three sources: the societal benefits charge, the Global Warming Solutions Fund, and the May 25, 2024 settlement agreement with Ørsted

If these funding sources are exhausted, the Legislature must appropriate additional funds from the General Fund to cover remaining compliance costs

The bill references estimates that the average lifecycle cost to retrofit a home for heat pump installation is approximately $25,600, with over 3.8 million housing units in New Jersey potentially affected