Bill > A2559

Introduced Session

This bill establishes a "Solar Equipment Purchase and Installation Assistance Program" (program) within the New Jersey Economic Development Authority (authority). The purpose of the program is to provide financial assistance to any qualified commercial building owner who purchases and installs solar photovoltaic energy equipment having a generating capacity of more than 100 kilowatts. To implement the program, the authority shall establish, administer, and maintain a "Solar Equipment Purchase and Installation Assistance Fund" (solar fund) in a trust account, separate and apart from other funds. The purpose of the solar fund is to provide low-interest loans under the program and to pay for those costs incurred by the authority in the discharge of its duties. The bill requires the authority, in any loan agreement with an applicant, to include a commitment to refund to the applicant, in the form of a grant, 25 percent of the principal amount of the loan if the purchase, installation, and operation of the eligible solar photovoltaic energy equipment are completed within one year of the initial date of the loan agreement. The bill provides that an owner of a commercial building located in the State is to submit an application for participation in the program in a form and manner determined by the authority. The bill provides that if the authority determines that solar fund reserves may be insufficient to cover anticipated payments from the solar fund, the authority is to restore solar fund resources to sufficiency from any supplementary deposit from the "Global Warming Solutions Fund."

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Wayne DeAngelo (D)*, 

Introduced, Referred to Assembly Commerce and Economic Development Committee (on 02/01/2018)