The bill establishes the "New Jersey Green Bank" within the Economic Development Authority (EDA) and appropriates $50 million from the societal benefits charge to fund the program. It amends Section 5 of P.L.1974, c.80 (C.34:1B-5) to grant the EDA new powers to create and maintain the Green Bank, which will provide financial assistance for environmentally beneficial energy projects through loans, loan guarantees, and other financial support to residents, local governments, nonprofit organizations, and businesses. The bill also defines "eligible projects" as those that qualify for financial assistance from the EDA, emphasizing the development of programs for various sectors, including residential, municipal, small business, and larger commercial projects.

Additionally, the bill mandates the creation of a dedicated "New Jersey Green Bank Fund," which will be funded by the initial $50 million appropriation, as well as federal funds, charitable contributions, and other sources. The EDA is responsible for ensuring that financing does not exceed 80% of the costs for renewable energy projects or 100% for other eligible projects, and it may enter into contracts with private entities to secure additional capital for the Green Bank's initiatives. This legislation aims to enhance New Jersey's commitment to sustainable energy solutions and economic development through targeted financial support for environmentally beneficial projects.

Statutes affected:
Introduced: 34:1B-5