S 2470 provides a tax abatement for electric energy storage equipment placed in service between January 1, 2027, and January 1, 2029. It directly affects property owners or businesses installing qualifying energy storage systems during that window by offering a 10% tax break on eligible equipment costs, capped at $62,500 annually. The abatement is limited to the lesser of 10% of installation costs, the annual property tax bill, or the $62,500 cap. This policy aims to incentivize adoption of energy storage systems by reducing upfront financial barriers during a specific two-year period. The bill passed the Senate in May 2025 and is now in the Assembly for review.
Provides for direct-pay tax abatement credits for solar electric generating systems and electric energy storage systems in connection with eligible buildings; provides such eligible properties shall include: 501(c)(3) corporations, associations, organizations or trusts and income-restricted affordable housing properties.
Directs the state energy planning board to conduct a study on time frames for replacing or upgrading battery energy storage systems at renewable energy facilities in preparation for clean energy storage and distribution across the state.
Requires the chair of the public service commission create rules, regulations, policies, and procedures for the creation of a resilient electric vehicle charging system pilot program to provide power through an extended outage.
Requires the office of renewable energy siting and electric transmission to establish a mapping, installation and efficiency plan for the purpose of building new electric transmission lines.
Enacts the "home utility weatherization jobs act"; requires each gas corporation, electric corporation, or combination gas or electric corporation to submit to the public service commission for review and approval at least one and up to ten neighborhood scale weatherization and electrification-ready projects.
Authorizes and directs the department of public service to conduct a study on the deployment of energy interconnection processes into the electrical grid to meet the state's renewable energy goals; directs the department of public service to submit a report on its findings one year after the effective date.
Requires consideration of evidence relating to the economic impact of major increases of rates or charges upon consumers and the areas affected by such increases of rates or charges prior to approval of any such rates or charges; establishes minimum data to be considered by the public service commission relating to such economic impact.
Establishes the "clean fuel standard of 2026"; provides such standard is intended to reduce greenhouse gas intensity from the on-road transportation sector, with further reductions to be implemented based upon advances in technology.
This legislation mandates that gas and electric utility companies provide written notice to customers at least thirty days before any service rate or charge increases take effect. The public service commission would be required to enforce this notification rule for all affected customers. The notice must specify that the higher cost will begin after the thirty-day period concludes. Should the bill pass, the requirement would become effective immediately upon enactment.
