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Trenton, N.J. -- Gov. Phil Murphy signed into law Tuesday a bill requiring the New Jersey Economic Development Authority to establish a Commercial Property Assessed Clean Energy (C-PACE) program. The legislation, A2374, was sponsored by Asm. Raj Mukherji (D-Jersey City), Asm. Nancy Pinkin (D-East Brunswick), and state Sen. Robert Smith (D-Piscataway) and state Sen. Christopher Bateman (R-Somerville). A2374 passed the Senate by a 38-1 vote and the Assembly by a vote of 63-12-5 on June 24.
New Jersey is the 27th state to establish a C-PACE program. A Commercial Property Assessment for Clean Energy is a financing tool that provides commercial property owners with 100 percent of the required capital up-front 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. 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.
Nationally, C-PACE programs have provided more than $1.5 billion in cumulative investment for more than 2,000 buildings. While C-PACE is a government-run program, it's a public-private partnership, with the funds largely coming from the private sector. 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 and thank Governor Murphy for signing it into law. New Jerseyans need this program now more than ever. With climate change causing more intense and frequent storms, higher temperatures, and more costly utility bills, businesses and organizations can now use the C-PACE program to finance energy efficiency improvements on their buildings. Advocates have been working towards this day for a long time and we look forward to a swift rulemaking process at the Economic Development Authority so our communities can start benefiting from the program.”
Doug O’Malley, director of Environment New Jersey, released the following statement:
"C-PACE is the most popular energy efficiency program you haven't heard of and it will turbocharge green financing for energy efficiency investments. We need all hands on deck to keep pace with our state energy efficiency mandates and climate goals -- and the C-PACE program will help immensely. We applaud Governor Murphy for signing this legislation, as well as the prime sponsors, Sen. Smith and Asm. Mukherji. Now, we urge NJEDA to move forward with the rule-making process as quickly as possible."
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