This bill establishes a new program under the New Jersey Economic Development Authority (EDA) that provides low-interest loans to eligible small businesses for costs associated with energy audits and the implementation of energy efficiency improvements. The loans will cover 100% of unreimbursed costs related to energy audits conducted by licensed contractors, as well as the purchase and installation of energy efficiency equipment identified in the audits. The bill defines "eligible small business" and "energy audit," and stipulates that the loans will have a term not exceeding ten years, with interest rates capped at either three percent or half of the prime interest rate.

In addition to creating this loan program, the bill amends existing legislation to enhance the EDA's powers, allowing it to guarantee up to 90 percent of loans for energy improvement systems in commercial or industrial buildings. The amendments also include the removal of outdated references and the insertion of new provisions that align with the bill's objectives, thereby improving the EDA's ability to support small businesses in enhancing their energy efficiency. The legislation is set to take effect immediately, although it will not be operational for 60 days following its enactment.

Statutes affected:
Introduced: 34:1B-5