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 related to energy audits and the installation of energy efficiency improvements. The loans will cover 100% of unreimbursed costs for conducting energy audits and for purchasing and installing energy-efficient equipment as recommended by 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 an interest rate capped at either three percent or half of the prime interest rate.

Additionally, 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. It updates legal language to reflect the authority's responsibilities and powers, ensuring effective support for energy efficiency initiatives and economic development projects. The bill also authorizes the EDA to invest up to $10,000,000 per project in New Jersey film-lease partner facilities and specifies that the program will take effect immediately but will remain inoperative for 60 days following enactment.

Statutes affected:
Introduced: 34:1B-5