BILL EXEMPTING RENEWABLE ENERGY SYSTEMS FROM PROPERTY TAXES CLEARS ASSEMBLY

BILL EXEMPTING RENEWABLE ENERGY SYSTEMS FROM PROPERTY TAXES CLEARS ASSEMBLY

(TRENTON) - The Assembly today passed legislation to exempt renewable energy systems - such as alternative energy generated by solar and wind power - from property taxes.

The bill (S/2413/396/1098/710/A-1612/385/1781) is sponsored by Assembly members John McKeon (D-Essex), Patrick Diegnan (D-Middlesex), Scott Rudder (R-Burlington), Douglas Fisher (D-Cumberland), Reed Gusciora (D-Mercer), and Linda Greenstein (D-Middlesex).

"Residents and  business owners who want to 'go green' should be given every incentive to switch to energy derived from clean, renewable sources," said McKeon (D-Essex).  "Even with advancing technology, the cost to retrofit a house or business can still be out of reach for many homeowners and businesses. A property tax exemption can provide the long-term cost savings needed to make renewable energy systems financially feasible."

Under the measure, accepted renewable energy sources would include solar technology, wind energy, fuel cells, geothermal technology, and methane gas from landfills. The exemption would be applicable to any residential, commercial or industrial building which has been outfitted with a  certified renewable energy system.

The Department of Community Affairs and the Board of Public Utilities would cooperatively adopt the standards energy systems would be required to meet to qualify for the tax exemption.

"Reducing our reliance on fossil fuels and curbing global warming will require creative ways to promote the use of clean, renewable energy systems," said Diegnan (D-Middlesex). "Exempting alternative energy systems from property taxes would encourage more New Jerseyans to give these products a serious second look."

The bill passed 79 to 1.  It now heads to the Senate for further consideration.

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