- In our spotlight on business report tonight, renewable energy gets a boost in New Jersey and your electric bill could too.

Governor Murphy today signed a pair of bills that'll expand access to community solar programs and allow for more battery storage, potentially bringing down long-term electricity costs for residents here.

The new law directs the state to open registration for another 3,000 megawatts of community solar capacity, eliminating a previous cap, meaning some 450,000 residents, including half who are low income, will be able to participate in and benefit from solar energy without having to install their own solar panels.

Now, the other piece of the legislation pushes New Jersey to reach 2,000 megawatts of energy storage by 2030, which the governor's office says is one of the most ambitious targets in the nation, enabling the state to capture energy during low-demand periods and release it when the grid needs it most.

Utility bills have been skyrocketing this summer after an energy auction triggered a statewide rate hike averaging 20 percent.

Support for The Business Report is provided by The Newark Alliance presents the 2025 Halsey Fest, featuring the vibrancy of Newark's Arts and Education District and Halsey Street.

Halsey, a neighborhood built on hustle and heart.

The 2025 Halsey Fest schedule is available at halseynwk.com [MUSIC PLAYING]