The New Jersey Economic Development Authority has extended the deadline for public feedback on its draft guidelines for implementing the Garden State C-PACE program that allows eligible commercial property owners to access financing for energy and water efficiency projects at their buildings.
The Garden State Commercial Property Assessed Clean Energy Program (C-PACE) was established under a law signed in 2021 that directed NJEDA to draft implementing guidelines and administer the program. Draft guidelines were published in April, and the original May 15 deadline for public comments has been extended “until further notice,” NJEDA said this week.
C-PACE works by enabling eligible commercial, industrial, agricultural, and certain multi-family residential real property owners to access up to 100% financing to undertake green energy improvements at their properties and repay the financing through the payment of an additional assessment to their municipality, similar to property tax, sewer, or water bills. Read more from the NJBIA.