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Trenton - Today the New Jersey General Assembly passed A2374, which requires the New Jersey Economic Development Authority to establish a Commercial Property Assessed Clean Energy (C-PACE) program. The legislation is sponsored by Asm. Raj Mukherji (D-Jersey City) and Asw. Nancy Pinkin (D-East Brunswick) and passed with a vote of 68-6.
If adopted, New Jersey would be the 24th state to have a C-PACE program. Commercial Property Assessments for Clean Energy is a financing tool that provides commercial property owners with 100% up-front capital to complete clean energy and energy efficiency projects. This funding makes energy efficiency upgrades, such as replacing windows and installing state-of-the-art HVAC systems, affordable with low rates and longer financing terms that are tied to the property itself. In many cases these upgrades pay for themselves with the energy they save, which will mean reduced energy bills and more economic security for New Jersey businesses. This innovative financing option is needed now more than ever across New Jersey.
Nationally, more than $1.5 billion in cumulative investment has been disbursed through C-PACE on over 2,000 buildings. C-PACE funds are largely provided by the private sector, and the projects they pay for create jobs, improve local infrastructure, reduce air pollution, and stimulate the wider economy.
Emma Horst-Martz, Advocate with NJPIRG , released the following statement:
“We applaud the Assembly’s leadership in passing C-PACE legislation,” said NJPIRG Advocate Emma Horst-Martz. “This is a critical step towards making energy efficiency projects more accessible for New Jersey’s businesses. These upgrades will provide significant savings and help the state achieve its clean energy goals. The move to adopt C-PACE comes at a critical time when state funding is going towards COVID recovery; this financing option will allow businesses and multi-family properties to invest in the future right now. We encourage the State Senate to pass this bill as soon as possible.”
The New Jersey Public Interest Research Group (NJPIRG) is a statewide citizen-based public interest advocacy organization representing more than 20,000 dues-paying members. We speak out for a healthier, safer world in which we’re freer to pursue our own individual well-being and the common good.
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