May 1, 2023 NJEDA Strives to Make New Jersey a Clean Energy Capital

Green initiatives driven by the NJEDA will help NJ and its residents, become greener and more efficient in the fight against climate change.

TRENTON, N.J. – The New Jersey Economic Development Authority (NJEDA) opened up applications for Phase 2 of the New Jersey Zero-Emission Incentive Program (NJZIP) on April 18, a program that helps New Jersey businesses offset the cost of purchasing new, zero-emission medium duty vehicles. This is one of many initiatives the NJEDA has introduced to bring New Jersey and its residents into a cleaner, greener tomorrow.  

New Jersey is a clean energy state with commitments to clean energy projects continuously being made. More than $100 million has been invested in green initiatives, including $7 billion in investments since 2001 by the Board of Utilities and an additional $95 million through the Regional Greenhouse Gas Initiative for clean energy programs. Additionally, Governor Murphy recently proposed investing nearly $100 million more into New Jersey parks, recreation and open spaces.  

With a state commitment to be fueled by 100% Clean Energy by 2035, the NJEDA has introduced numerous initiatives to do its part, including:  

• NJZIP, a $90M million voucher pilot launched by the NJEDA, accelerates the adoption and use of zero-emission medium- and heavy-duty vehicles within New Jersey, with a goal to reduce emissions within the state and continually allow NJEDA to determine and stimulate market-readiness, assess the effectiveness of funding levels and program design, and test methodologies for measuring the economic impact of such adoption.  
• As the state has incredible offshore wind resources and access to lease areas across the East Coast, New Jersey has become a hub for offshore winding. It has established an ambitious goal of generating 11 gigawatts (GW) of electricity from offshore wind energy by 2040. This means 30% of offshore wind energy produced on the East Coast will be from New Jersey.  
• Clean Energy Loans will unlock capital for small businesses and start-ups, catalyze the deployment of clean energy in New Jersey, and support minority-, woman-, and veteran-owned businesses to participate in the State’s energy transition. The NJEDA will lend between $250,000 and $10 million for projects requesting a total loan amount of $500,000 to $20 million.     
• The state’s C-PACE Program will provide a new form of financing to New Jersey property owners for renewable energy, energy efficiency, water conservation, and certain types of resiliency-related improvements. The program will enable eligible commercial, industrial, agricultural, and certain multi-family residential real property owners to access financing to undertake these kinds of improvements on their properties and repay the financing through the payment of an additional assessment to their municipality, similar to a property tax, sewer or water bill.  

To learn more about the roll-out of clean energy projects today or to try to create the next generation of clean tech innovations for tomorrow, visit https://www.njeda.com/clean-energy/.

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