C-PACE Financing Program Approved for Energy/Water Upgrades

On Oct 10, 2024

The New Jersey Economic Development Authority (NJEDA) has approved the creation of the Garden State Commercial Property Assessed Clean Energy (C-PACE) Program. The program allows commercial property owners to access a new form of financing to undertake energy efficiency, water conservation, renewable energy, and resiliency upgrades.

The Garden State C-PACE Program allows property owners to repay investments from Qualified Capital Providers into eligible projects through a special assessment to a Participating Municipality, similar to the owner’s real property tax, sewer, or water bill. The Participating Municipality then remits the payment to the initial capital provider. This unique form of financing results 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.

Over the past decade, C-PACE programs in more than three dozen states have proven an effective tool to attract private capital into the renewable energy, energy efficiency, and resiliency markets. To date, according to the non-profit entity PACENation, 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.

“After seeing the success of C-PACE programs across the country, I was proud to sign legislation into law to establish the program in the Garden State,” said Gov. Phil Murphy. “The time for bold, innovative actions that will help thwart the effects of climate change is now. The Garden State C-PACE Program will lead to a greater embrace of clean energy measures that will help improve our communities, while saving money for New Jerseyans.”

“Under Governor Murphy’s leadership, New Jersey has set ambitious clean energy goals, unlocking opportunities in emerging industries to create economic growth and high-quality jobs while protecting the environment for future generations,” said NJEDA Chief Executive Officer Tim Sullivan. “The Garden 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.”

The Garden State C-PACE Program’s 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/ or email

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