TRENTON, N.J. – The New Jersey Economic Development Authority (NJEDA) is now accepting project applications for the Garden State Commercial Property Assessed Clean Energy (C-PACE) Program. The program enables commercial property owners to access a new form of financing to undertake energy efficiency, water conservation, renewable energy, and resiliency upgrades.

WHAT: The Garden State C-PACE Program allows commercial property owners to repay investments in eligible projects through a special assessment to a Participating Municipality, similar to the owner’s real property tax, sewer, or water bill. This unique form of financing results in lower-cost, longer-term financing, making it easier for projects to be cashflow-positive from the outset.

The Program will help drive private investment, from Qualified Capital Providers, throughout the State to help decarbonize existing and forthcoming buildings. Using the Program, property owners will be able to finance up to 100 percent of eligible improvements for Retrofit Projects and up to 35 percent of the stabilized value of New Construction Projects. Projects that were previously completed within the three-year look-back period are also eligible to apply.

As the Program Administrator, the NJEDA will review applications for eligibility and issue determination letters, as appropriate. Each application must include the Qualified Capital Provider, Qualified Technical Reviewer, and the name of the Participating Municipality.

The following entities have been approved and are now active participants in the program:

• Approved Municipalities:
  Hackensack, Lakewood, New Brunswick, Oldmans Township, Plainfield, and Woodbridge
• Approved Capital Providers:
  PACE Loan Group and Petros PACE Finance
• Approved Technical Reviewers:
  Asset Environments

WHO: Commercial, industrial, agricultural, certain multi-family residential, and tax-exempt and nonprofit property owners in approved municipalities are eligible to apply. For a complete list of guidelines and eligibility requirements, please click here.

WHEN: Applications are now open and will be accepted on a rolling basis. To apply, click here. The NJEDA will continue accepting applications for municipalities, capital providers, and technical reviewers on a rolling-basis.

A previously recorded webinar containing additional information can be found here. The webinar slides can be found here.