New Jersey
Use of Auction Proceeds for Consumer Benefit Programs
Proceeds from the sale of New Jersey's RGGI CO2 allowances are allocated according to Chapter 340; N.J.S.A. 26:2C-45: the New Jersey Global Warming Solutions Fund Statute, which directs:
- 60 percent of proceeds to the New Jersey Economic Development Authority (EDA) for end-use energy efficiency, combined heat and power, and renewable energy project loans and grants in the commercial, institutional, and industrial sectors.
- 20 percent of proceeds to the New Jersey Board of Public Utilities (BPU) to support programs to reduce electricity costs or electricity demand for low- and moderate-income residential electricity customers.
- 20 percent of proceeds to the New Jersey Department of Environmental Protection (DEP) to support local government programs to implement greenhouse gas emissions reduction measures (10%) and programs to enhance forest stewardship and tidal marsh restoration that provide important opportunities to sequester carbon (10%).
The DEP, EDA and BPU are coordinating to allocate proceeds from the sale of RGGI auctions to eligible consumer benefit projects. As required by the statute, DEP has proposed rules to establish guidelines and a priority ranking system that all three agencies will apply in allocating auction proceeds.
For more information on New Jersey's use of RGGI auction proceeds, including program application materials, please see:
For more information on New Jersey's participation in RGGI please consult state regulations and state press releases on the use of auction proceeds.
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