Haines/Addiego/Rudder Bill Exempting Renewable Energy Systems from Property Taxation Signed into Law
A bill sponsored by Senator Phil Haines, Assemblywoman Dawn Marie Addiego and Assemblyman Scott Rudder and signed into law Wednesday by Governor Jon Corzine, will help reduce energy consumption, and advance investment and development of sources of renewable power.
“This legislation is born of an initiative that started last year in Medford, when I was the mayor. I am proud of the fact that now, with the support of the sponsors, the legislature and the Governor, it has become law,” said Assemblyman Rudder.
The legislation sponsored by the 8th District Legislators exempts certain renewable energy systems – solar, photovoltaic technologies, wind energy, fuel cells, geothermal technologies, wave or tidal action, methane gas from landfills – from real property taxation.
“No longer will people who have the foresight to place solar panels or wind generators on their properties be penalized through increased property taxes,” said Senator Haines. “This law will encourage the installation of new sources of clean, renewable power.”
“This will make it easier for a property owner to justify the expense of installing a system, knowing they won’t be hit in the pocket with higher property taxes,” said Assemblywoman Addiego. “This law will help bring more alternative energy sources online.”
The law applies to residential, commercial and industrial properties.
“This law comes at the right time, when the escalating cost of fuel and electricity are making people take another look at alternatives like solar, wind, and geothermal,” said Assemblyman Rudder. “It help us reduce the use of fossil fuel and conserve energy.”
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September 29, 2008
