New Jersey S 664: Establishes "Solar Roof Installation Warranty Program" in EDA and transfers $2 million from societal benefits charge to initially fund program.

Bill Text

S664 

SENATE, No. 664 

STATE OF NEW JERSEY

222nd LEGISLATURE

� 

PRE-FILED FOR INTRODUCTION IN THE 2026 SESSION

Sponsored by:

Senator BOB SMITH

District 17 (Middlesex and Somerset)

SYNOPSIS

���� Establishes "Solar Roof Installation Warranty 
Program" in EDA and transfers $2 million from societal benefits charge to 
initially fund program.

CURRENT VERSION OF TEXT 

���� Introduced Pending Technical Review by Legislative 
Counsel.

�� 

An Act establishing a "Solar Roof Installation 
Warranty Program" in the New Jersey Economic Development Authority, and 
amending and supplementing P.L.1974, c.80.

���� Be It 
Enacted by the Senate and General Assembly of 
the State of New Jersey:

���� 1.��� Section 5 of P.L.1974, 
c.80 (C.34:1B-5) is amended to read as follows:

���� 5.��� The authority shall have 
the following powers:

���� a.���� To adopt bylaws for the 
regulation of its affairs and the conduct of its business;

���� b.��� To adopt and have a seal 
and to alter the same at pleasure;

���� c.���� To sue and be sued;

���� d.��� To acquire in the name 
of the authority by purchase or otherwise, on such terms and conditions and 
such manner as it may deem proper, or by the exercise of the power of eminent 
domain in the manner provided by the "Eminent Domain Act of 1971," P.L.1971, 
c.361 (C.20:3-1 et seq.), any lands or interests therein or other property 
which it may determine is reasonably necessary for any project; provided, 
however, that the authority in connection with any project shall not take by 
exercise of the power of eminent domain any real property except upon consent 
thereto given by resolution of the governing body of the municipality in which 
such real property is located; and provided further that the authority shall be 
limited in its exercise of the power of eminent domain in connection with any 
project in qualifying municipalities as defined under the provisions of 
P.L.1978, c.14 (C.52:27D-178 et seq.), or to municipalities which had a 
population, according to the latest federal decennial census, in excess of 
10,000;

���� e.���� To enter into contracts 
with a person upon such terms and conditions as the authority shall determine 
to be reasonable, including, but not limited to, reimbursement for the 
planning, designing, financing, construction, reconstruction, improvement, 
equipping, furnishing, operation and maintenance of the project and to pay or 
compromise any claims arising therefrom;

���� f.���� To establish and 
maintain reserve and insurance funds with respect to the financing of the 
project or the school facilities project and any project financed pursuant to 
the "Municipal Rehabilitation and Economic Recovery Act," P.L.2002, 
c.43 (C.52:27BBB-1 et al.);

���� g.��� To sell, convey or lease 
to any person all or any portion of a project for such consideration and upon 
such terms as the authority may determine to be reasonable;

���� h.��� To mortgage, pledge or 
assign or otherwise encumber all or any portion of a project, or revenues, 
whenever it shall find such action to be in furtherance of the purposes of this 
act, P.L.2000, c.72 (C.18A:7G-1 et al.), the "Municipal Rehabilitation and 
Economic Recovery Act," P.L.2002, c.43 (C.52:27BBB-1 et al.), P.L.2007, 
c.137 (C.52:18A-235 et al.), and sections 3 through 18 of P.L.2009, c.90 
(C.52:27D-489c et al.);

���� i.���� To grant options to 
purchase or renew a lease for any of its projects on such terms as the 
authority may determine to be reasonable;

���� j.���� To contract for and to 
accept any gifts or grants or loans of funds or property or financial or other 
aid in any form from the United States of America or any agency or 
instrumentality thereof, or from the State or any agency, instrumentality or 
political subdivision thereof, or from any other source and to comply, subject 
to the provisions of P.L.1974, c.80 (C.34:1B-1 et seq.), section 6 of P.L.2001, 
c.401 (C.34:1B-4.1), P.L.2000, c.72 (C.18A:7G-1 et al.), the "Municipal 
Rehabilitation and Economic Recovery Act," P.L.2002, c.43 (C.52:27BBB-1 et 
al.), and P.L.2007, c.137 (C.52:18A-235 et al.), with the terms and conditions 
thereof;

���� k.��� In connection with any 
action undertaken by the authority in the performance of its duties and any 
application for assistance or commitments therefor and modifications thereof, 
to require and collect such fees and charges as the authority shall determine 
to be reasonable, including but not limited to fees and charges for the 
authority's administrative, organizational, insurance, operating, legal, and 
other expenses;

���� l.���� To adopt, amend and 
repeal regulations to carry out the provisions of P.L.1974, c.80 (C.34:1B-1 et 
seq.), section 6 of P.L.2001, c.401 (C.34:1B-4.1), P.L.2000, c.72 (C.18A:7G-1 
et al.), the "Municipal Rehabilitation and Economic Recovery Act," P.L.2002, 
c.43 (C.52:27BBB-1 et al.), and P.L.2007, c.137 (C.52:18A-235 et al.);

���� m.�� To acquire, purchase,