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 and a corresponding fund aimed at providing financial assistance for environmentally beneficial energy projects. This assistance includes loans, loan guarantees, and other support for residents, local governments, nonprofit organizations, and businesses. The bill also defines "eligible projects" as environmentally beneficial energy initiatives, which may include renewable energy generation facilities, energy efficiency projects, and electric vehicle infrastructure.

Furthermore, the bill creates a "New Jersey Green Bank Fund" funded by the initial $50 million appropriation and potentially other sources. The EDA is authorized to provide financing support for projects, ensuring that financing does not exceed 80% of costs for renewable energy projects or 100% for other eligible projects. The EDA is also empowered to develop tailored programs for various sectors and establish standards for borrower eligibility and terms of support. The act is set to take effect 60 days after enactment, allowing the EDA to prepare for implementation.

Statutes affected:
Introduced: 34:1B-5