Legislation sponsored by Senator Kip Batman that would require the New Jersey Economic Development Authority (EDA) to establish a C-PACE program to facilitate the financing of renewable energy projects was approved by the New Jersey Senate.
Legislation sponsored by Sen. Kip Batman that would require the New Jersey Economic Development Authority (EDA) to establish a C-PACE program to facilitate the financing of renewable energy projects was approved by the NJ Senate. (Flickr)
“Throughout New Jersey, there are countless property owners who would like to embrace renewable energy but are unable to do so because of the upfront costs,” said Bateman (R-16). “My legislation will help eliminate these costs, and provide owners with flexible, long-term financing options. This will make switching to clean energy more accessible and affordable for all New Jerseyans.”
Under the bill, S-1953/A-2374, the EDA would create a C-PACE (commercial property assessed clean energy) program. The program would provide public or private financing to property owners in certain municipalities to help them build or modify renewable energy, water, or storm resiliency projects.
Projects could be related to energy storage, water conservation, flood resistant construction, and zero-emission vehicle charging stations.
“In 2011, New Jersey adopted one of the nation’s most aggressive renewable energy portfolio standards. And since then, our state has become a leader in clean energy nationwide. This legislation will continue that legacy, and make the Garden State a cleaner and greener place for everyone,” added Bateman.
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