As part of New Jersey’s ongoing efforts to implement programs to benefit the environment, Assemblyman Raj Mukherji sponsors a bill that would require the Economic Development Authority (EDA) to establish a program that would encourage clean energy projects throughout the state. The legislation passed the full Senate and Assembly Thursday, by a vote of 38-1 and 63-12-0, respectively.
Under the bill (A-2374), the EDA would create a commercial property assessed clean energy (C-PACE) program. The program would provide public or private financing to property owners to help them construct, install, acquire and/or modify renewable energy, water or storm resiliency projects.
Projects could be related to energy storage, water conservation, electric vehicle charging stations, and flood or hurricane-resistant construction – among other possibilities.
Eligible participants would be able to use C-PACE financing to cover project costs, including equipment, material and labor expenses. The property owner would then repay the financing through a special assessment added on to their property tax bill that would have low interest rates and a repayment period of up to 30 years.
Upon the bill’s passage, Assemblyman Mukherji (D-Hudson) issued the following statement:
“This program would be a major step forward in accomplishing important clean energy goals for our state. It’s highly likely that more property owners would be willing to make environmentally beneficial improvements to their property if they were able to access the financing to do so – which is exactly what this legislation proposes.
“The C-PACE program makes it easier for owners to make these changes by eliminating upfront costs and providing a competitive long-term financing option. By offering this opportunity to property owners throughout the state, we can help residents take advantage of cost-saving measures that would also benefit the environment and resiliency of New Jersey. The program is a win-win for everyone involved.”