Program Connects Property Owners with Funding Needed to Implement Energy Efficiency Measures
TRENTON, N.J. (October 12, 2022) – The New Jersey Economic Development Authority (NJEDA) announced today that it will hold a virtual information session on Thursday, October 20 to provide an overview of the Garden State Commercial Property Assessed Clean Energy (C-PACE) Program and to gather community feedback about specific elements of the program. The Garden State C-PACE Program, which is currently under development, will further the Murphy Administration’s commitment to battling climate change by helping businesses, non-profits, and multi-family residential developers and property owners overcome the financial hurdles of implementing energy efficiency, renewable energy, and climate resiliency measures.
The information session will take place on October 20 at 1:00 p.m. Registration is open now at https://tinyurl.com/NJ-C-PACE. In addition to providing details about the program, the NJEDA will also seek public input on topics related to the creation of the Garden State C-PACE Program during the information session. These topics include:
- How to incorporate the financing of new construction projects into the program; and
- How to effectively engage municipalities to participate in the program.
A recording of the webinar will be available at https://www.youtube.com/c/NewJerseyEDA/videos.
Authorized by legislation signed by Governor Phil Murphy last year, the Garden State C-PACE Program will provide a new form of financing to property owners for renewable energy, energy efficiency, water conservation, and certain types of resiliency-related improvements for New Jersey. The program works by enabling eligible commercial, industrial, agricultural and certain multi-family residential real property owners to access financing to undertake these kinds of improvements on their properties and repay the financing through the payment of an additional assessment to their municipality, similar to their real property tax, sewer, or water bill.
C-PACE assessments are a tool which municipalities levy on real estate parcels to serve valuable public purposes. C-PACE builds on a long history of using such assessments and serves a public purpose through reducing energy costs, stimulating the economy, potentially improving property valuation, reducing greenhouse gas emissions, and creating jobs. Over the past decade, C-PACE programs in more than two dozen states around the country have proven an effective tool to attract private capital into the renewable energy, energy efficiency, and resiliency markets.
Interested stakeholders who are unable to attend the information session but would like to provide feedback are encouraged to email GardenStateCPACE@njeda.com with their input.
Article Courtesy of the NJEDA.