NJEDA TO HOST C-PACE PROGRAM INFORMATION SESSION
Draft Program Guidelines for Commercial Property Assessed Clean Energy Program to be shared for public feedback
TRENTON, N.J. (March 27, 2023) – The New Jersey Economic Development Authority (NJEDA) will host a virtual public information session on the Garden State Commercial Property Assessed Clean Energy (C-PACE) Program on Friday, April 14 at 10:00 a.m. The session will provide an overview of the draft C-PACE program guidelines, which will be made available prior to the session.
The draft C-PACE guidelines will be posted here. Feedback can be sent to email@example.com through May 15, 2023 at 11:59 p.m. The draft C-PACE guidelines will include eligibility criteria, responsibilities of participants, the application process, technical standards, fees, and local program requirements.
Members of the public, including media, can register for the April 14 information session here.
The C-PACE Program will provide a new form of financing to New Jersey property owners for renewable energy, energy efficiency, water conservation, and certain types of resiliency-related improvements. The program will enable 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 a property tax, sewer, or water bill.
As part of his administration’s ongoing commitment to address climate change, in August 2021, New Jersey Governor Phil Murphy signed legislation (A-2374) requiring the NJEDA to establish the C-PACE program to facilitate the financing of eligible projects in municipalities that adopt an opt-in ordinance.
About the NJEDA
The New Jersey Economic Development Authority (NJEDA) serves as the State’s principal agency for driving economic growth. The NJEDA is committed to making New Jersey a national model for inclusive and sustainable economic development by focusing on key strategies to help build strong and dynamic communities, create good jobs for New Jersey residents, and provide pathways to a stronger and fairer economy. Through partnerships with a diverse range of stakeholders, the NJEDA creates and implements initiatives to enhance the economic vitality and quality of life in the State and strengthen New Jersey’s long-term economic competitiveness.