Bill > S3467

Introduced Session

This bill directs the New Jersey Economic Development Authority (EDA), in consultation with the Board of Public Utilities (BPU), to establish and maintain a program to be known as the "New Jersey Green Bank." The purpose of the bank would be to provide loans, loan guarantees, or other forms of financial assistance to New Jersey residents, local governments, nonprofit organizations, and businesses to fund environmentally beneficial energy projects. These projects may include, but are not limited to, the construction of a renewable energy generation facility or energy storage facility, an energy efficiency project, or a project to deploy an electric vehicle or associated infrastructure. The bill directs the EDA to develop separate programs for residential, municipal, small business, and larger commercial projects, and such other programs and projects as the EDA may determine useful and appropriate, to finance and otherwise support projects. The bill would require the EDA to develop and adopt standards to govern the administration of the New Jersey Green Bank through rules, policies, and procedures that specify borrower eligibility, terms and conditions of support, and other relevant criteria, standards, or procedures. The bill provides that the EDA may provide financing support if it determines that the amount to be financed by the EDA and other non-equity financing sources would not exceed 80 percent of the costs of a project to install a new renewable energy generation facility, or up to 100 percent of the costs of financing any other eligible project. The bill directs the EDA to establish a New Jersey Green Bank Fund. The bill appropriates $50 million from the societal benefits charge (a surcharge on energy bills) to the fund. The bill also provides that the EDA may enter into contracts with private sources to raise capital for the purposes of the New Jersey Green Bank.

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Troy Singleton (D)*, 

Introduced in the Senate, Referred to Senate Environment and Energy Committee (on 06/20/2024)

Official Document