The bill amends existing legislation related to the Garden State C-PACE (Commercial Property Assessed Clean Energy) program in New Jersey, specifically updating definitions and financing provisions. Key definitions are clarified, including terms such as "C-PACE assessment," "capital provider," and "C-PACE project," which encompass various energy efficiency improvements and renewable energy systems. The bill also outlines the roles of participating municipalities and the New Jersey Economic Development Authority in facilitating these projects, emphasizing the importance of local ordinances and agreements to implement the program effectively.

Additionally, the bill establishes guidelines for financing C-PACE projects, allowing property owners to secure funding through assessments on their properties. It specifies that financing can be obtained through bonds issued by municipalities or county improvement authorities, and it clarifies that such bonds will not be considered gross debt of the issuing entities. The legislation also permits property owners to transfer renewable energy certificates associated with their projects to help repay financing. Overall, the bill aims to enhance the framework for financing energy efficiency and renewable energy projects in New Jersey, promoting sustainable development while ensuring financial accountability.

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