This bill amends New Jersey's Commercial Property Assessed Clean Energy (C-PACE) program by introducing a requirement that all direct financing for C-PACE projects must comply with prevailing wage standards. This ensures that workers involved in these projects are compensated fairly. The bill also clarifies definitions related to C-PACE, including terms like "capital provider," "C-PACE assessment," and "C-PACE project," while outlining the roles of municipalities and the New Jersey Economic Development Authority in the program.

Additionally, the bill modifies existing provisions regarding the issuance of bonds by municipalities and county improvement authorities for C-PACE financing, explicitly stating that such bonds will not be considered direct obligations of the state or municipalities, thus protecting public entities from financial liability. The new legal language classifies direct financing for C-PACE projects as "authority financial assistance," which is now subject to prevailing wage requirements. This change mandates that employers involved in construction contracts related to C-PACE financing pay workers at least the prevailing wage rate, promoting fair labor standards in projects that support renewable energy and energy efficiency improvements in New Jersey. The bill is set to take effect immediately upon passage.

Statutes affected:
Introduced: 34:1B-382