Empowering New Jersey’s commercial, industrial, multifamily, agricultural, and nonprofit/institutional property owners to adopt clean energy and resilience projects through accessible financing. The NJ C-PACE Alliance champions sustainable growth by fostering collaboration, education, and advocacy for a resilient, energy-efficient future.
UPDATES:
12/1/2024: In anticipation of the new Garden State C-PACE Program launch in early 2025, we’re relaunching the Alliance for NJPACE. Stay tuned for details.
NJ to Launch C-PACE Program in Early 2025: A Game-Changer for Clean Energy and Economic Growth
In early 2025, New Jersey will join 34 other states with an active Commercial Property Assessed Clean Energy (C-PACE) program. Nationwide, C-PACE programs have already driven $9 billion in private investment, generated over $15 billion in economic development, and created Read More …
3/23/2023: New Jersey’s C-PACE legislation was signed into law by Governor Phil Murphy on August 21, 2021. Guidelines and regulations are expected to be published soon.
Older:
Further Update on PACE Legislation in New Jersey (1/5/2021)
Latest Update on PACE in New Jersey (9/24/2020)
NJ About to Take a Giant Step Toward Greater Energy Efficiency
New Jersey PACE Bill Moves Forward — Cautiously (and there are alternatives available!)
New Coalition for PACE in New Jersey Launched
Governor Issues “Conditional Veto” of PACE Bill
Highlights of the 2015 New Jersey PACE Summit …and Conference Materials
Supported by:
This is an interactive working site for the NJPACE Alliance – for businesses, individuals, agencies, communities and nongovernmental organizations – that are supporting the nonprofit New Jersey PACE Program. These networks overlap and intersect at several points; the goal is to provide our staff and partner companies with access to the right organizations and contacts for their purposes. Most of the site is public, but some information is available to members or staff only.
Register as an Alliance Member
- Click HERE for the latest Alliance entries
- Return to the New Jersey PACE site
To become a member, please register and give us your information, and we’ll contact you regarding membership.
If you’re already registered, log in here.
About the Alliance for NJPACE
PACE represents a potential multi-billion-dollar annual investment opportunity in New Jersey, creating as many as 85,000 new jobs, and lowering NJ’s carbon emissions by as much as 14%. NJ’s PACE legislation, passed in 2012 and updated in 2021, enables municipalities to create special assessment programs, and to work with private capital providers to finance them. The final version of the C-PACE law expands PACE to cover water conservation, hardening, and resilient construction and permits private financing.
A wide range of businesses and industries have a strong interest in seeing the New Jersey PACE program come into full fruition. Commercial property owners, energy auditors and contractors, equipment manufacturers, and financial institutions all play an important role in expanding what is already a world-‐class renewable energy and efficiency sector, and all stand to benefit significantly.
PACE has been described as the first truly effective long term financing model for upgrading our built environment to meet the requirements of a more resilient future.
The NJPACE Alliance will bring together many of the major players to provide advocacy, outreach, and education for the industry as well as for elected officials, public administrators, and commercial, industrial, and major nonprofit property owners throughout the state.
The National Picture
PACE-enabling legislation is active in 40 states plus D.C., and PACE programs are now active (launched and operating) in 32 states plus D.C. However, significant obstacles to its widespread adoption and rapid implementation remain. Lack of awareness and acceptance on the part of municipal officials, property owners, and funding sources is the most significant factor, but differences in legislative authority, state support, and lender acceptance are also important.
Our buildings account for 45% of our energy consumption and our carbon pollution. A 2012 Rockefeller Foundation study found that PACE is part of an investment opportunity of nearly $280 billion in the U.S. over the next ten years, resulting in more than $1 trillion in energy savings, 3 million jobs, and resulting in 600 million fewer tons of carbon pollution each year.[1]
New Jersey
The cost of energy, and especially of electricity, is also a source of major concern in New Jersey.
The challenge of reducing our building energy use by even one third is an enormous one. Yet we have to achieve this if we are going to meet the targets set out in the Energy Master Plan.
New Jersey has over $960 billion in existing real estate value, of which approximately $206 billion is classified as non-residential — commercial ($142 billion) industrial ($37 billion), and the rest (farms, apartments, etc. $28 billion). But this sector includes a disproportionate share of energy consumption, approximately 36% vs. 24% (with the rest being transportation). Investing, e.g., $8 billion in this sector is equivalent to about 4% in current asset value, but will result in energy savings of more than $1 billion a year and increase total valuations by more than 8% for the properties involved.
In addition, much of NJ’s C&I is older and needs “hardening” and resilient reconstruction to meet more frequent and extensive floods, storms, and an overall climate-‐uncertain future. The current legislation includes resiliency improvements as well as energy efficiency and renewables. The new Garden State C-PACE program, administered by NJEDA, will significantly increase the potential for an enhanced C&I infrastructure as well as economic development through PACE investments for years to come.
PACE is part of an investment opportunity of nearly $280 billion in the U.S. over the next ten years, resulting in more than $1 trillion in energy savings, 3 million jobs, and 600 million fewer tons of carbon pollution each year.[2]
According to the Center for American Progress:
Investments in a clean-energy economy will generate major employment benefits for New Jersey and the rest of the U.S. economy. Our research finds that New Jersey could see a net increase of about $4.6 billion in investment revenue and 48,000 jobs based on its share of a total of $150 billion in clean-energy investments annually across the country. This is even after assuming a reduction in fossil fuel spending equivalent to the increase in clean-energy investments.
Clean-energy investments create 16.7 jobs for every $1 million in spending. Spending on fossil fuels, by contrast, generates 5.3 jobs per $1 million in spending.[3]
Joining the NJ PACE Alliance
New Jersey PACE is a project of the Center for Regenerative Community Solutions, a NJ 501(c)(3) nonprofit. We assist municipalities, property owners, developers, contractors, and investors. Reasonable project-related out-of-pocket costs are reimbursable and included in the total project funding.
PACE financing is widely seen as overcoming most, if not all, of the barriers to implementing clean energy improvements. The NJPACE Alliance will help commercial, industrial and non-profit property owners across our state access relatively low-cost private capital to take advantage of this game-changing program.
We are seeking trade and industry allies to support the development and expansion of this important new program, and work with us to advocating for municipal adoption, the amending legislation, and state support.
For more information or to become an Alliance member, please register and/or contact:
Victoria Zelin, Director of Development vzelin@newjerseypace.org Cell: 908-507-3150
[1] Source: 2012 Rockefeller Foundation study, cited by PACENow.
[2] Source: 2012 Rockefeller Foundation study, cited by PACENow.
[3] Center for American Progress, “Clean-Energy Investments Create Jobs in New Jersey.”