Bill that would provide property owners financing for resiliency projects passes in Senate

Bateman bill would require EDA to establish C-PACE program

State Sen. Kip Bateman bill’s stems from a simple premise.

“Throughout New Jersey, there are countless property owners who would like to embrace renewable energy, but are unable to do so because of the upfront costs,” he said.

“My legislation will help eliminate these costs, and provide owners with flexible, long-term financing options. This will make switching to clean energy more accessible and affordable for all New Jerseyans.”

His senate colleagues agree.

Legislation sponsored by Batman (R-Somerville) that would require the New Jersey Economic Development Authority to establish a C-PACE program to facilitate the financing of renewable energy projects was approved by the state Senate.

Under the bill, S1953/A2374, the EDA would create a commercial property assessed clean energy, or C-PACE, program. The program would provide public or private financing to property owners in certain municipalities to help them build or modify renewable energy, water or storm resiliency projects.

Projects could be related to energy storage, water conservation, flood resistant construction and zero-emission vehicle charging stations.

Bateman said the bill will help bring the state up to date.

“In 2011, New Jersey adopted one of the nation’s most aggressive renewable energy portfolio standards,” he said. “And, since then, our state has become a leader in clean energy nationwide. This legislation will continue that legacy and make the Garden State a cleaner and greener place for everyone.”