Clean Energy Financing for Businesses (New Jersey)
Last modified on May 24, 2011.
Financial Incentive Program
|Name||Clean Energy Financing for Businesses|
|Incentive Type||State Loan Program|
|Eligible Technologies||Lighting, Chillers, Furnaces, Boilers, Heat pumps, Central Air conditioners, Custom/Others pending approval|
|Energy Category||Energy Efficiency Incentive Programs|
|Amount||Up to 1 million for the loan program; additional funding available through grants and rebates|
|Funding Source||System Benefits Charge|
|Maximum Incentive||1 million|
|Terms||3% interest rate on 25% of bank loan up to 500,000; loan guarantee on 30% of bank loan up to 500,000|
|Program Administrator||State of New Jersey Board of Public Utilities|
|Date added to DSIRE||2005-06-16|
|Last DSIRE Review||2006-10-23|
The N.J. Clean Energy Program offers low-interest loans and loan guarantees to businesses that want to install energy efficient heating, air conditioning and lighting measures or renewable energy devices to lower their energy costs. The intent of the program is for businesses to use loans to pay for the balance of the project, up to $1 million, that was not covered by the Clean Energy Program’s grants or rebates (see N.J. Clean Energy).
In order to apply, applicants should have a preliminary audit completed by a participating vendor, a list of which can be found on the N.J. Clean Energy website. After the audit, an applicant submits an application to the N.J. Clean Energy program for pre-approval. An approved application will include improvements for both renewable energy and energy efficiency. After the pre-approval process, the applicant submits the application to the N.J. Economic Development Authority for credit approval.
|Contact Name||Ronald Jackson|
|Department||State of New Jersey Board of Public Utilities|
|Division||Office of Clean Energy|
|Address||Via 8th Floor Receptionist|
|Address 2||Two Gateway Center|
|Place||Trenton, New Jersey|
- Incentive and policy data are reviewed and approved by the N.C. Solar Center's DSIRE project staff.