This bill amends the existing legislation governing the Commercial Property Assessed Clean Energy (C-PACE) program in New Jersey, with a focus on financing projects under this initiative. It introduces a requirement that any direct financing provided by capital providers for C-PACE projects must comply with prevailing wage standards, ensuring fair compensation for workers. The bill also clarifies definitions related to C-PACE, including terms such as "capital provider," "C-PACE assessment," and "C-PACE project," while outlining the roles of participating municipalities and the New Jersey Economic Development Authority.

Additionally, the bill modifies provisions concerning the issuance of bonds by municipalities and county improvement authorities for financing C-PACE projects, ensuring these bonds are classified as non-recourse obligations and do not contribute to the gross debt of the issuing entities. It removes previous exclusions of C-PACE financing from being classified as "authority financial assistance," thereby subjecting related construction work to prevailing wage requirements. This change aims to promote energy efficiency and renewable energy projects in New Jersey while safeguarding workers' rights through the enforcement of fair wage laws. The bill is set to take effect immediately upon passage.

Statutes affected:
Introduced: 34:1B-382