New Jersey § 34:1b-374

§ 34:1b-374.

The Legislature finds and declares it to be the public policy of this State that: a. Investing in water conservation, stormwater management, renewable energy, energy

efficiency, and flood and hurricane mitigation improvements to real property is a

critical component in conserving natural resources and mitigating the effects of floods

and hurricanes; b. The up-front costs of retrofitting properties with these improvements are often

a barrier to investing in such improvements, and the additional cost of meeting and

exceeding new code requirements in connection with new construction is a deterrent

to the investments; c. Recent studies have demonstrated that the existing financing options for these

projects have not made them sufficiently available to property owners and developers; d. Property assessed clean energy (“PACE”) financing, in which repayment is made by

way of a special assessment on the real property to which the improvement, including

new construction upon previously unimproved real property, is made, is an innovative

way for property owners to finance or refinance renewable energy, energy and water

efficiency, and other eligible improvements which, in turn, saves a significant sum

in utility costs or insurance premiums, creates jobs, stimulates local economies,

reduces greenhouse gas emissions, and improves the safety and quality of the building

stock; e. To date, PACE programs for commercial properties (“C-PACE”) operate in more than

24 other states and the District of Columbia, and they have facilitated more than

$2 billion in investment in over 2,100 C-PACE projects; f. C-PACE financing will enable New Jersey municipalities to contribute toward their

goals of community sustainability and reducing greenhouse gas emissions and energy

consumption, and will provide a valuable service to the citizens of their communities;

and g. C-PACE financing serves a valid public purpose and enactment of P.L.2021, c. 201 ( C.34:1B-374 et al.) is expressly declared to be in the public interest.