As part of New Jersey’s ongoing efforts to implement programs to benefit the environment, Assembly Democrats Raj Mukherji and Nancy Pinkin sponsor 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 Assembly Thursday, 68-6-0.
Under the bill (A-2374), the EDA would create a commercial property assessed clean energy program (C-PACE) program. The program would provide public or private financing to property owners in participating municipalities to help them construct, lease, install, acquire and/or modify renewable energy, water or storm resiliency projects.
Projects could be related to energy storage, water conservation, zero-emission vehicle charging stations, and flood or hurricane-resistant construction – among other possibilities.
Eligible participants would be able to use C-PACE financing to cover 100 percent of the project’s 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 fixed interest rates and a repayment period of up to 30 years.
Upon the bill’s passage, Assembly members Mukherji (D-Hudson) and Pinkin (D-Middlesex) issued the following joint 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 easy 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.”