PLEASE NOTE: Our web site is being updated to conform to the provisions of the new PACE bill (A2579/S1510) currently in the works. Many aspects of the site are subject to change. Contact us if you have a project or a question. Thanks.
Under the current statute, PACE in New Jersey is entirely a municipal program; but counties, and especially county improvement authorities, can play a pivotal role. Counties can, in effect, develop county-wide PACE programs (using NJPACE materials, procedures, and systems), and offer these to municipalities in a way that is likely to be extremely beneficial to both levels of government. Download our information sheet for County Improvement Authorities: NJPACE-Counties2014.
Counties and County Improvement Authorities can help businesses save money on energy while creating local jobs
Property owners want to reduce their energy costs, and the public wants commercial and industrial properties to reduce their carbon emissions. But until now there hasn’t been a cost effective way to finance clean energy improvements. Now, NJ counties and municipalities can retain businesses and attract new ratables by helping property owners cut their energy bills by an average of 30%.
Since PACE is fundamentally a municipal program, counties can play a role mainly by offering County Improvement Authority bonds in lieu of municipal bonds to help finance PACE projects. In addition, however, counties can provide outreach, information, and advice to municipalities in undertaking PACE programs. In effect, a county or county improvement authority could be the “face” of a local PACE program, offering credibility, support, and financing to facilitate the expansion of PACE projects.
Benefits to counties
County Improvement Authorities can use their bonding programs to spur economic development through PACE. Local jobs are created by contractors upgrading the County’s building stock and making the County more competitive for private investment and more attractive to its residents.
What are county / municipality costs?
There is no cost to either the county or the municipality. As is customary with bond issues, issuance costs are included in the bonds and are paid by the projects over time. Municipalities are reimbursed for reasonable costs of processing the Clean Energy Special Assessments using their existing method of collecting tax payments. These costs are included in the financing for projects, so there is no cost to taxpayers.
How does NJPACE assist counties and municipalities in marketing the program?
In conjunction with a county, NJPACE will work with municipalities that have adopted a PACE program to create program awareness, educate stakeholders, and market the program. We train contractors, involve local, regional and state business and professional associations, promote the program through the media and recognize property owners and public officials in public relations campaigns.
How does a county enable PACE?
Under NJ law, it is the municipality that passes an ordinance establishing a PACE program, but the special role given to counties is the use of the County’s Improvement Authority to act as a central financing arm for the municipal PACE program. Further, the County and/or its CIA can promote the local PACE programs through public support, staffing and marketing, as appropriate.
Contact us to discuss how your County or County Improvement Authority can take advantage of PACE.