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New Jersey launches C-PACE program to fund viable commercial renewable energy projects | Greenbaum, Rowe, Smith & Davis LLP

Posted on March 25, 2022 by publishing team

Know what you need

  • The New Jersey Economic Development Authority (EDA) has developed the C-PACE program to facilitate funding by competent mayors for qualified commercial renewable energy, water efficiency, and other authorized projects across the state.
  • C-PACE funding can be used to meet various costs related to the development of viable projects.
  • The C-PACE program will be implemented after the EDA issues program guidelines and selection applications, which are expected in the next few months.

The Garden Department Commercial Property Evaluated Clean Energy (C-PACE) financing program has been established as a mechanism for financing commercial renewable energy projects, in addition to water efficiency and other authorized developments where “investors” are the forerunners of the project. Pays the costs. And then paid through a real estate valuation that is purchased by the participating municipality.

As part of his administration’s ongoing commitment to tackling climate change, in August 2021, New Jersey Governor Phil Murphy signed into law (A-2374) that the New Jersey Economic Development Authority (EDA) You need to create a C-PACE program to facilitate financing. Eligible projects in municipalities that pass the Selection Act.

The C-PACE project is defined in law, including:

  • “Acquisition, construction, installation, or modification, or, at the discretion of the authority and in accordance with the guidelines adopted by the authority, to improve energy efficiency or enter into a lease of the renewable energy system capital, including … Electric vehicle charging infrastructure. Flood-resistant structural improvements, or storm-resistant structural improvements. “
  • A micro-grid or district heating and cooling system in which a property owner in the municipality participates for a C-PACE assessment period; Or
  • Power Purchase Agreement (PPA) on a renewable energy system related to ownership.

“Ownership” is defined as the specific types of properties within a participating municipality where a C-PACE assessment is conducted at the request of the property owner in connection with the C-PACE project. These properties include industrial, agricultural, or commercial properties; Residential properties consisting of five or more residential units; Common areas of condominium; And properties owned by tax-exempt or non-profit organizations, including schools, hospitals, institutions of higher learning, and religious institutions.

“Project costs” are defined as costs associated with a C-PACE project, including direct costs such as equipment, materials, and work related to the purchase, construction, installation and repair, and indirect costs including engineers, architects and Costs and fees of other professionals. .

Under the C-PACE program, the municipality assigns a real estate appraisal to the capital provider through a contract of employment. The capital provider is defined as “a credible investor or qualified institutional buyer” as defined in applicable federal regulations, as well as in commercial lending institutions.

“Authorized Municipality” defined as a municipality that ranks third in New Jersey by population and country, could pass a law to run its municipality’s C-PACE program.

Guidelines and selection applications for municipalities are expected to be issued by the EDA in the next few months (required to be issued within 270 days from 24 August 2021, effective date by law). Once released, the C-PACE program will be activated.

Specifically, the C-PACE program will be “officially activated” when the EDA publishes the following four items on its website:

  1. Uniform assessment documents;
  2. A model law of municipal selection;
  3. Horticulture Department C-PACE Program Guidelines; And
  4. A description of the process by which a county or competent municipality may apply to the EDA for approval of the Local C-PACE Program Ordinance.

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