{"id":293,"date":"2024-10-10T14:20:35","date_gmt":"2024-10-10T18:20:35","guid":{"rendered":"https:\/\/blogs.duanemorris.com\/esg\/?p=293"},"modified":"2026-06-02T10:47:17","modified_gmt":"2026-06-02T14:47:17","slug":"new-jersey-approves-c-pace-financing-for-commercial-projects","status":"publish","type":"post","link":"https:\/\/blogs.duanemorris.com\/esg\/2024\/10\/10\/new-jersey-approves-c-pace-financing-for-commercial-projects\/","title":{"rendered":"New Jersey Approves C-PACE Financing for Commercial Projects"},"content":{"rendered":"\n

Earlier this week (i.e.<\/span>, the week of October 7, 2024), the New Jersey Economic Development Authority (NJEDA)<\/a> Board approved the creation of the Garden State Commercial Property Assessed Clean Energy (C-PACE) Program<\/a>. The program will allow commercial property owners to access a new form of financing to undertake energy efficiency, water conservation, renewable energy, and resiliency upgrades.<\/p>\n\n\n\n

Per the NJEDA, the \u201cGarden State C-PACE program will serve as a catalyst for private investment into building decarbonization, renewable energy, and resiliency projects, helping to reduce energy costs and stimulate the economy.\u201d<\/p>\n\n\n\n

C-PACE<\/strong> enables an owner to invest in its buildings on a non-recourse basis, for 30 year funds tie to the ten year Treasury (not SOFR), with no mortgage or other security.<\/p>\n\n\n\n

The Garden State C-PACE Program<\/strong> will allow property owners to repay investments from \u201cQualified Capital Providers\u201d into eligible projects through a special assessment to a Participating Municipality, similar to the owner\u2019s real property tax, sewer, or water bill. The Participating Municipality then remits the payment to the initial capital provider. This form of financing should result in lower-cost, longer-term financing, making it easier for projects to be cashflow-positive from the outset. Municipalities are required to opt-in prior to any project application.<\/p>\n\n\n\n

C-PACE programs exist in more than 38 states and have proven to be an effective tool to attract private capital into the renewable energy, energy efficiency, and resiliency markets.<\/a> To date, according to the non-profit entity PACE Nation, there have been 3,340 C-PACE projects throughout the United States, which have drawn a collective investment of $7.2 billion and have created more than 88,700 job-years.<\/p>\n\n\n\n

Per the NJEDA, the Garden State C-PACE Program\u2019s Participating Municipality, Qualified Capital Provider, and Qualified Technical Reviewer Intake forms are expected to launch soon, with the project application following shortly thereafter. For more information, including eligibility requirements and program guidelines, visit https:\/\/www.njeda.gov\/c-pace\/<\/a> or email Gardenstatecpace@njeda.gov<\/a>. <\/p>\n\n\n\n

Green Spouts<\/strong>: New Jersey finally joins the host of other neighboring states and other states in the US which has approved of C-PACE. This program should help owners and tenants who are doing upgrades or new construction by providing cheaper and more long term financing to projects that can result in loan amounts of approximately 30% of the stabilized value of the project (not the cost of the project but the value of it).<\/p>\n\n\n\n

Duane Morris<\/strong>\u00a0has an active ESG and Sustainability Team to help organizations and individuals plan, respond to, and execute on your Sustainability and ESG planning and initiatives. For more information, please contact\u00a0Brad A. Molotsky, David Amerikaner, Sheila Rafferty-Wiggins, Jeff Hamera, Jolie-Anne Ansley, Robert Montejo <\/strong>or the attorney in the firm with whom you are regularly in contact.<\/p>\n","protected":false},"excerpt":{"rendered":"

Earlier this week (i.e., the week of October 7, 2024), the New Jersey Economic Development Authority (NJEDA) Board approved the creation of the Garden State Commercial Property Assessed Clean Energy (C-PACE) Program. The program will allow commercial property owners to access a new form of financing to undertake energy efficiency, water conservation, renewable energy, and … <\/p>\n

Continue reading “New Jersey Approves C-PACE Financing for Commercial Projects”<\/span><\/a><\/p>\n","protected":false},"author":285,"featured_media":0,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[2],"tags":[],"ppma_author":[5],"class_list":["post-293","post","type-post","status-publish","format-standard","hentry","category-general"],"authors":[{"term_id":5,"user_id":6,"is_guest":0,"slug":"duanemorris3","display_name":"Duane Morris","avatar_url":"https:\/\/secure.gravatar.com\/avatar\/843ff6e7a8fe5fc92109b47a45f34b6cf0ea499e6e788db23456c838b0ae6747?s=96&d=blank&r=g","author_category":"1","last_name":"Sullivan","first_name":"Margaret","job_title":"","user_url":"http:\/\/www.duanemorris.com","description":"Visit the Duane Morris website.<\/a>"}],"_links":{"self":[{"href":"https:\/\/blogs.duanemorris.com\/esg\/wp-json\/wp\/v2\/posts\/293","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/blogs.duanemorris.com\/esg\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/blogs.duanemorris.com\/esg\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/blogs.duanemorris.com\/esg\/wp-json\/wp\/v2\/users\/285"}],"replies":[{"embeddable":true,"href":"https:\/\/blogs.duanemorris.com\/esg\/wp-json\/wp\/v2\/comments?post=293"}],"version-history":[{"count":0,"href":"https:\/\/blogs.duanemorris.com\/esg\/wp-json\/wp\/v2\/posts\/293\/revisions"}],"wp:attachment":[{"href":"https:\/\/blogs.duanemorris.com\/esg\/wp-json\/wp\/v2\/media?parent=293"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/blogs.duanemorris.com\/esg\/wp-json\/wp\/v2\/categories?post=293"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/blogs.duanemorris.com\/esg\/wp-json\/wp\/v2\/tags?post=293"},{"taxonomy":"author","embeddable":true,"href":"https:\/\/blogs.duanemorris.com\/esg\/wp-json\/wp\/v2\/ppma_author?post=293"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}