New Jersey can also make available financial tools that encourage private investment. Tools must be market-oriented: flexible and adaptable to react to market changes. At the same time, we need to envision at the outset ways to help low-to-moderate income households access efficiency and other clean energy upgrades.
- Bonds – Green Bonds, Environmental Impact Bonds, and Qualified Energy Conservation Bonds are good tools for New Jersey to consider.
- PACE – Property Assessed Clean Energy (PACE) legislation would allow the state to authorize commercial buildings to finance energy upgrades on their tax bill. PACE is a financing model that helps local governments and the private sector back energy efficiency and renewable energy upgrades for homes and businesses. Some states are even using PACE to give new life to historic buildings.
- Community Solar – Community Solar projects benefit multiple home and business customers who don’t have the ability to install rooftop solar. The best community solar programs will include partnerships with local non-profits and community leaders, like we’re seeing in Los Angeles, Colorado, and North Carolina, for example.