This bill amends the existing legislation governing the Garden State Commercial Property Assessed Clean Energy (C-PACE) program, with a focus on enhancing labor protections and clarifying stakeholder roles. A significant change introduced is the requirement that any direct financing provided by capital providers for C-PACE projects must comply with prevailing wage standards, ensuring fair compensation for workers involved in these projects. Additionally, the bill removes previous provisions that excluded C-PACE financing from being classified as "authority financial assistance," thereby subjecting all related work to prevailing wage requirements as defined by existing law.

The amendments aim to streamline the financing process for clean energy projects while ensuring compliance with labor standards, fostering a more equitable approach to energy improvements in New Jersey. By mandating that employers pay workers at least the prevailing wage rate, as determined by the Commissioner of Labor and Workforce Development, the bill seeks to promote fair labor practices in the construction sector associated with renewable energy and energy efficiency initiatives. The changes are set to take effect immediately upon passage.

Statutes affected:
Introduced: 34:1B-382