This bill amends existing legislation to authorize the New Jersey Economic Development Authority (EDA) to utilize funds from the "Global Warming Solutions Fund" for projects aimed at refurbishing or upgrading existing electricity generation facilities. Specifically, it allocates 60% of the fund to the EDA for grants and financial assistance to commercial, institutional, and industrial entities, with a focus on modernizing, expanding, or extending the lifespan of these facilities. The bill also expands the scope of eligible projects to include energy efficiency initiatives, the construction of new efficient electric generation facilities, and the development of innovative carbon emissions abatement technologies.

Additionally, the bill clarifies that projects receiving financial assistance must demonstrate a measurable reduction in greenhouse gas emissions, which can be achieved through technologies such as fuel cells or carbon capture. The legislation also outlines the allocation of the fund for various purposes, including support for low-income residential electricity programs and local government initiatives aimed at reducing greenhouse gas emissions. The bill is set to take effect immediately upon passage.

Statutes affected:
Introduced: 26:2C-51