The New Jersey Economic Development Authority (NJEDA) has published a page of general information in anticipation of the forthcoming Garden State C-PACE program, stating that “Preliminary draft documents are currently undergoing the final stages of internal and interagency review.”
The page includes a brief overview of the program, along with a short legal background, a list of benefits for key stakeholders (property owners, contractors, municipalities, capital providers, and mortgage holders), and an invitation to submit indications of interest as soon as the preliminary guidelines and regulations are published.The agency emphasizes that “NJEDA strongly values public input in designing the Garden State C-PACE Program, to help ensure the program is an effective, easy-to-use financial tool to help spur critical energy efficiency, renewable energy, water conservation, and resiliency investments across the state. NJEDA looks forward to making these draft documents available for public review and comment.”
While there is no specific date for releasing the documents, the period of public input is expected to last at least a month, with a further period for revision and final publication. Our best guess, then, is that municipalities may begin signing on to the program by Q2 of 2023, allowing actual projects to be submitted within those jurisdictions.
NJPACE anticipates helping project developers and municipalities expedite projects for approval as soon as the program is finalized.