In a bulletin to members today, the New Jersey Business and Industry Association explained:
"All New Jersey energy consumers pay an SBC surcharge based on the amount of electricity they consume. A portion of the money raised by the surcharge goes to pay for energy efficiency projects and renewable energy. Commercial and industrial energy users consume 64 percent of all electricity and are the largest contributors to this fund. NJBIA has long called for a more balanced distribution of funds that would allow companies undertaking energy-efficiency projects to receive a credit. The purpose of funding energy efficiency and conservation projects is to reduce the state’s energy demand and related carbon emissions. The return on investment for commercial and industrial projects is $11 for every $1 invested, compared with a 4 to 1 payback on residential projects."
Following Assembly passage, the legislation was referred to the Senate Energy and Environment Committee were a companion bill, S-2344, sponsored by committee chairman, Bob Smith, was assigned following its introduction on October 14.