The New Jersey Economic Development Authority (NJEDA) has made available opt-in documents for municipalities wishing to join the Garden State Commercial Property Assessed Clean Energy (C-PACE) Program. This initiative provides commercial property owners in participating municipalities with a new financing option for energy efficiency, water conservation, renewable energy, and resiliency improvements.
The program enables property owners to repay investments from qualified capital providers through a special assessment added to their municipal bills, akin to real property tax or utility charges. The municipality then forwards these payments to the original capital provider. This method can offer lower-cost, longer-term financing, facilitating projects that are cashflow-positive from the start. Municipalities must opt-in before any project applications can proceed.
Municipalities interested in participating are encouraged to review the documents provided by NJEDA.
