NJEDA Releases C-PACE Program Supplemental Documents for Public Feedback

Update August 21: Feedback on all C-PACE-related documents released by the NJEDA this year will be accepted through August 25, 2023 at 11:59 p.m.

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

TRENTON, N.J. (August 14, 2023) – The New Jersey Economic Development Authority (NJEDA) has released draft supplemental uniform assessment documents for the Garden State Commercial Property Assessed Clean Energy (C-PACE) Program for public review and feedback.

The documents released today complement the draft program guidelines released by the Authority earlier this year. The NJEDA appreciates the market input and feedback received to date from the industry on the program guidelines. Such input is important and valuable in shaping the Garden State C-PACE program. The documents posted are in advance of any updates that will result from the feedback received on the program guidelines. NJEDA will be making updates simultaneously to the guidelines and feedback received from this posting of the C-PACE documents. 

WHAT: 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 requiring the NJEDA to establish the C-PACE program to facilitate the financing of eligible projects in municipalities that adopt an opt-in ordinance.

WHERE: Draft uniform assessment documents are available here on the right side of the webpage. Feedback can be submitted to Gardenstatecpace@njeda.gov.

WHEN: Feedback on all C-PACE-related documents released by the NJEDA this year will be accepted through August 21, 2023 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.gov and follow @NewJerseyEDA on Facebook, Twitter, Instagram, and LinkedIn.

###