Garden State C-PACE Financing

The New Jersey Economic Development Authority established a “Garden State C-PACE program” to facilitate the financing of Commercial-Property Assessed Clean Energy (C-PACE) projects in municipalities that opt-in. While PACE financing usually entails voluntary assessments on property, the Authority can also establish a loan loss reserve and/or issue guarantees to mitigate repayment risk assumed by capital providers doing direct financing. While the enumerated technologies for this policy can certainly qualify, other fuels and energy sources may apply after consultation with the Board of Public Utilities.