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 existing legislation to empower the EDA to create and maintain the Green Bank and a corresponding "New Jersey Green Bank Fund." This fund is designed to provide financial assistance, including loans and loan guarantees, to New Jersey residents, local governments, nonprofit organizations, and businesses for environmentally beneficial energy projects. The bill defines "eligible projects" to include renewable energy generation facilities, energy efficiency projects, and electric vehicle infrastructure, and mandates the EDA, in consultation with the Board of Public Utilities, to establish a program for low-cost, long-term financing support.

The EDA is also responsible for developing tailored programs for different sectors, including residential, municipal, small business, and larger commercial projects, to facilitate financing for eligible initiatives. The Green Bank Fund will be primarily funded by the $50 million appropriation, with the EDA authorized to provide financing support for eligible projects, covering up to 80% of costs for renewable energy facilities and up to 100% for other projects. Additionally, the EDA may enter into contracts with private sources to raise further capital for the Green Bank's initiatives, ensuring a robust financial framework to support New Jersey's transition to environmentally sustainable energy solutions.

Statutes affected:
Introduced: 34:1B-5