Assembly Passes C-PACE Bill To Turbocharge Green Financing For Business & Multifamily Clean Energy Upgrades
Trenton – Today with an overwhelming bipartisan vote of 68-6, 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).
Currently active in 22 states and D.C., C-PACE (Commercial Property Assessments for Clean Energy) is an innovative financing tool that provides commercial property owners with 100% up-front capital to execute cost-saving 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 at a time when they need it most.
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.
Doug O’Malley, Director of Environment New Jersey, released the following statement:
“New Jersey has not kept pace with the rest of the nation on making it easier for businesses to invest in clean energy financing to improve their buildings, reduce air pollution and their electric bills. The C-PACE program has a proven track record across the country, and it is time we make it easier for New Jersey businesses to invest in clean energy solutions,” said Doug O’Malley, director of Environment New Jersey. “In these COVID times, we need green investment programs like C-PACE that don’t require direct state financing. This legislation is a great idea whose time has come, and we thank both Asm. Mukherji and Asw. Pinkin for their leadership. We urge the State Senate to work to take up this bill as quickly as possible.”
Environment New Jersey is one of the state’s largest citizen-based environmental advocacy organizations, representing more than 20,000 dues-paying members and more than 60,000 e-mail activists. The organization, a project of Environment America, advocates on behalf of clean water and air, open spaces and creating a clean, renewable energy future. The organization is based in both New Brunswick and Trenton