NJEDA to Release C-PACE Guidelines for Public Comment

Commercial Property Assessed Clean Energy Program will support clean energy projects, invest in green economy

TRENTON, N.J. (May 29, 2024) – The New Jersey Economic Development Authority (NJEDA) has issued guidelines for the Garden State Commercial Property Assessed Clean Energy (C-PACE) Program, which are open for public comment. The guidelines are available here and public comment, which can be submitted by email to gardenstatecpace@njeda.gov, will be accepted through June 5^th, 2024 at 11:59 p.m. The C-PACE guidelines include eligibility criteria, responsibilities of participants, the application process, technical standards, fees, and local program requirements.

WHAT:            The C-PACE Program will provide a new form of financing to New Jersey commercial 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 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. 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.

The NJEDA held a virtual information session on the C-PACE program in April 2023. A recording of the webinar can be found here. Interested stakeholders with questions on the new program can contact gardenstatecpace@njeda.gov for more information. 

WHEN:           Interested parties can submit feedback by email to gardenstatecpace@njeda.gov through June 5, 2024 at 11:59 p.m.

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.

To learn more about NJEDA resources for businesses, call NJEDA Customer Care at 844-965-1125 or visit https://www.njeda.com and follow @NewJerseyEDA on Facebook, Twitter, Instagram, and LinkedIn.

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