The New Jersey Economic Development Authority (NJEDA) is now accepting applications for the Garden State Commercial Property Assessed Clean Energy (C-PACE) Program, a new financing option designed to help commercial property owners fund energy efficiency, water conservation, renewable energy, and resiliency upgrades.
The C-PACE program allows property owners to repay investments for eligible projects through a special assessment on their property tax bill. This method provides several key benefits:
- Lower-cost, longer-term financing that can cover up to 100% of eligible costs for retrofit projects.
- The ability to finance up to 35% of the stabilized value for new construction projects.
- The unique repayment structure can make projects cash-flow-positive from the start.
Projects that were completed within the last three years are also eligible to apply.
The NJEDA will serve as the Program Administrator, reviewing applications and issuing determination letters. Applicants must include a Qualified Capital Provider, a Qualified Technical Reviewer, and the name of a Participating Municipality.
The program is currently active in the following municipalities:
- Hackensack
- Lakewood
- New Brunswick
- Oldmans Township
- Plainfield
- Woodbridge
Approved Capital Providers include PACE Loan Group and Petros PACE Finance, while the approved Technical Reviewer is Asset Environments.
The program is open to a wide range of property owners, including commercial, industrial, agricultural, certain multi-family residential, and tax-exempt or nonprofit entities in approved municipalities. Applications are now being accepted on a rolling basis.
