NJ Garden State C-PACE

P.L. 2021, c.201 (N.J.S.A. 34:1B-374 to -382)

This law (P.L. 2021, c.201) establishes the Garden State C-PACE program, administered by the New Jersey Economic Development Authority, allowing owners of industrial, agricultural, and commercial property, residential property with five or more dwelling units, condominium/planned-development common areas, and tax-exempt or nonprofit-owned property in participating (opt-in) municipalities to finance energy-efficiency, renewable energy, energy storage, microgrid, water conservation, stormwater management, EV charging, and flood- and hurricane-resistant construction improvements through a special municipal assessment repaid like property taxes over a term not exceeding the weighted average useful life of the improvements or 30 years, whichever is less. The C-PACE assessment combined with mortgage and other lien obligations cannot exceed 90 percent of the property's post-improvement appraised value, and the property owner must obtain the written consent of existing mortgage holders before closing the financing.