The bill amends Section 2 and Section 9 of P.L.2021, c.201, which pertains to the Garden State C-PACE program, a financing initiative aimed at promoting energy efficiency and renewable energy projects in New Jersey. Key definitions are clarified, including terms such as "C-PACE assessment," "capital provider," and "C-PACE project." The bill specifies that financing for C-PACE projects can be obtained through assessments on properties, with provisions for municipalities to issue bonds to fund these projects. It also allows property owners to assign renewable energy certificates associated with their projects to various entities involved in financing.

Additionally, the bill emphasizes that any financing provided by capital providers will not be guaranteed by public entities, ensuring that such obligations do not count as gross debt for municipalities. The authority is tasked with establishing guidelines for the program, and it is stipulated that any direct financing will be subject to prevailing wage requirements. The act is set to take effect immediately upon approval, which occurred on September 12, 2024.

Statutes affected:
Introduced: 34:1B-382
Advance Law: 34:1B-382
Pamphlet Law: 34:1B-375, 34:1B-382