Real Momentum Building for PACE in New Jersey
New Jersey is on the edge of a(nother) clean energy revolution.
PACE is a revolutionary new way of financing both energy conservation and renewables. Over the past two years we’ve educated and informed more than twenty municipalities, and several counties, about the opportunity that PACE presents, in terms of economic development and jobs, energy cost savings, and a cleaner energy future. We’ve had extensive discussions with the NJ Board of Public Utilities and the Clean Energy Program; we’ve spoken to dozens of contractors and installers, and we’ve met extensively with bankers, investors, and law firms. We’ve built an independent, low-cost, nonprofit platform, with a remarkable team of executives, advisors, interns, and volunteers.
As a result, the State of New Jersey is now establishing its process for reviewing applications from municipalities and county improvement authorities interested in creating local PACE programs. Here at New Jersey PACE we can assist any local government in establishing an effective and open program, and meeting the criteria established by Trenton for approving a local program.
The momentum for PACE has now reached a tipping point, and the first programs will be up and running by this fall. So we’re opening up our doors to accept contractor registrations, project pre-applications, inquiries from municipalities and county improvement authorities, and additional capital providers. We already have more than a dozen companies in our NJPACE Alliance, and we’re fielding calls about projects two or three times a week. We have commitments from interested national funders, and we’re exploring local financing options as well. And we have an agreement with Noveda Technologies to provide world class energy performance monitoring and verification for virtually all NJPACE projects.So we’re ready to go full speed ahead. And so are our partners. After falling behind during recent years, New Jersey is on the edge of another clean energy revolution. We’re proud to be at the forefront of it.
PACE Gives Property Owners Every Reason to the Do the Right Thing
By providing 100%, off-balance-sheet, nonrecourse financing, secured through a special assessment, PACE removes most if not all of the obstacles to getting property owners to “do the right thing,” i.e., reduce their carbon footprint, conserve energy, switch to renewable sources, and save money. Download a white paper on Creating Measurable Value with PACE. And stay tuned for our upcoming crowdfunding project.
Supporting the New Jersey PACE Program
There is still time to become a Founding Sponsor. New Jersey PACE is a largely self-supported 501c3 nonprofit effort to establish local PACE programs across the state. Every dollar invested in the program will leverage many times that in clean energy investments in New Jersey. Assisting the development of New Jersey PACE acts as a “force multiplier” to accelerate the transition to a clean energy future.
Support can come from corporate sponsorships, government programs, foundation grants, and individual donations. This support can be monetary or non-monetary (“in kind”). What’s important is that this support is capable of generating a return many times greater than the original contribution — acting as the spark that ignites the blaze, or as the lever that, positioned at the right pivot point, moves the whole world.
|BREAKING NEWS — New Jersey is now inviting applications from interested municipalities and county improvement authorities. According to our agency contact, “Once we receive a request from a governmental entity, be it a municipality or a county improvement authority, which are the only authorized governmental units that can issue PACE at the present time, we will issue an application to them. Once we receive it back we will examine it and determine if it answers our questions sufficiently meet the requirements that we must be satisfied that the residents’ and taxpayers’ financial interests are fully protected by the program.”New Jersey PACE, a NJ-based 501c3 nonprofit, is ready to assist your municipality or county improvement authority in creating a local PACE program that meets these requirements, at no cost to taxpayers and tailored to your needs. Please contact Jonathan Cloud at 908-581-8418 or [email protected] for more information.|