The bill amends existing legislation related to the Garden State C-PACE (Commercial Property Assessed Clean Energy) program, specifically updating definitions and financing provisions. Key definitions are clarified, including terms such as "C-PACE assessment," "capital provider," and "C-PACE project," which encompasses various energy efficiency and renewable energy improvements. The bill also outlines the roles of participating municipalities and the New Jersey Economic Development Authority in facilitating financing for C-PACE projects, emphasizing that financing can be secured through assessments on properties and that bonds issued for these projects will not be considered gross debt of the municipalities.

Additionally, the bill allows property owners to assign renewable energy certificates associated with their C-PACE projects to various entities involved in financing, enabling them to sell or otherwise dispose of these certificates to repay financing. The legislation ensures that any direct financing provided by capital providers is not guaranteed by public entities, thereby protecting the financial integrity of municipalities and the state. The act is set to take effect immediately upon approval.

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