Directs BPU to update interconnection standards for Class I renewable energy sources and develop fixed fee structure for interconnection costs.

S 618 requires New Jersey's Board of Public Utilities (BPU) to update interconnection standards for Class I renewable energy systems (like solar, wind, and small-scale geothermal) within 18 months, aligning with national model standards unless impractical. It also mandates a fixed "grid modernization fee" paid by renewable project owners to utilities, calculated per kilowatt of capacity - with a $50/kW cap for small residential systems under 10 kW for the first three years. The bill establishes maximum interconnection cost limits, allows utilities to recover excess costs through rate adjustments, and requires a BPU report on economic impacts and progress toward state clean energy goals. This directly affects renewable energy project developers and electric utilities managing grid connections.