(TRENTON) – To progress New Jersey’s goal toward establishing renewable energy improvements, Assembly Democrats Sterley Stanley (D-Middlesex), Daniel Benson (Mercer, Middlesex), and Robert Karabinchak (D-Middlesex) sponsor legislation advanced by the Assembly on Thursday 71-1, to create a program in the New Jersey Infrastructure Bank (I-Bank) that would finance cost-effective energy efficiency enhancements in State, local, and school district buildings. The bill (A-1976) would authorize the Board of Public Utilities to transfer up to $20 million annually for the program.
Loans and other financial assistance from the I-Bank would be given directly to a private entity for an energy efficiency project. Ranking criteria and funding policies created through a priority system for energy efficiency improvement projects would determine which projects should be awarded funding. An annual report would be submitted to the Governor and the Legislature on the effectiveness of the program in promoting energy efficiency and energy cost savings for State entities, local units, and school districts.
Upon Assembly approval of the measure, Stanley, Benson, and Karabinchak issued the following joint statement:
“The financing program is a major step in improving energy efficiency in our public buildings and infrastructure. It will allow us to invest in cost effective, energy efficient projects at the state level and in our municipalities and schools.
“By upgrading public buildings and infrastructure, New Jersey will continue to lead by example by promoting sustainable and environmentally conscious efforts.”