The NJPACE Alliance is a coalition of businesses, individuals, agencies, communities, and nonprofits supporting the Garden State C-PACE Program, administered by the New Jersey Economic Development Authority (NJEDA). The program provides the administrative framework required to facilitate PACE projects in New Jersey, which benefit property owners, contractors, investors, and communities.
There is no set cost to join the Alliance, but members are expected to contribute in some tangible way to making the program a reality for their community, industry, or sector. This contribution could be through co-marketing, in-kind services, or a direct grant or donation.
Register as an Alliance Member
To become a member, please register and provide us with your information. We’ll then contact you regarding your role in the Alliance.
See our current list of members.
About the NJPACE Alliance
PACE represents a potential multi-billion-dollar annual investment opportunity in New Jersey, potentially 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 use private capital providers to finance them. The current law expands PACE to cover water conservation, hardening, and resilient construction.
A wide range of businesses and industries are interested in seeing the New Jersey PACE program fully realized. Commercial property owners, energy auditors and contractors, equipment manufacturers, and financial institutions all play important roles in expanding what is already a world-‐class renewable energy and efficiency sector and 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 industry’s major players to provide advocacy, outreach, and education for the industry, 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. The most significant factor is the lack of awareness and acceptance among municipal officials, property owners, and funding sources, 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 recent 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 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 a climate-‐uncertain future. The 2021 legislation adds this element to New Jersey’s C-PACE goals and will significantly increase the potential for PACE investment 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 501(c)(3) NJ 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 advocate 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 Business Development vzelin@njpace.org 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.”