This bill establishes the Electric School Bus Financing Program under the New Jersey Infrastructure Bank (NJIB) to provide financial assistance to school districts for the purchase of electric school buses and related charging infrastructure. The program aims to replace diesel-powered buses with electric ones, promoting environmental benefits and potential cost savings. School districts seeking funding must apply to the Board of Public Utilities (BPU) and conduct an energy assessment comparing the costs and benefits of electric versus diesel buses. The BPU will develop criteria for application approval, prioritizing overburdened communities, and will create a project priority list for funding. The bill allocates $20 million annually from the societal benefits charge revenues to the NJIB for the Electric School Bus Financing Fund, ensuring a dedicated source of funding for the program.

Additionally, the bill mandates that the BPU, in collaboration with the NJIB, must prepare and submit an annual report to the Governor and the Legislature regarding the program's effectiveness. This report will detail which school districts received loans or financial aid, describe the electric buses and infrastructure acquired, and analyze the environmental benefits resulting from their use. Starting in the State fiscal year following its enactment, the BPU is required to transfer $20 million annually from its accumulated funds to the NJIB for the program, ensuring sustained financial support. The BPU and NJIB are also authorized to enter into contracts necessary for the implementation of this fund transfer.

Statutes affected:
Introduced: 48:3-60