PACE in New Jersey
New Jersey passed PACE-enabling legislation in 2012 for renewable and energy efficiency improvements. There is one active program and one in development, and there are efforts underway to pass updated PACE legislation in the state.
Active PACE programs
The AllianceNRG Program™ is a statewide residential and commercial PACE financing program administered by Leidos Engineering, a national environmental engineering and logistics firm, and CounterPointe Energy Solutions, a national PACE program administrator and clean energy finance company. The AllianceNRG Program allows property owners to finance the installation of energy and sustainability improvements to homes and businesses which can then be paid back on their property tax bill.
The AllianceNRG Program™ financing doesn’t rely on a credit score and does not require any money down, opening the program to a wide range of New Jersey residents. The AllianceNRG Program provides 100% financing for HVAC, roofing, solar, windows, lighting, and other energy efficiency upgrades for residential and commercial properties. The financing is no money down, has low fixed interest rates and long repayment terms up to 30 years. Qualifying for the financing is based on the property not FICO scores or business credit.
The AllianceNRG Program™ has been approved by the Passaic, Union, Hudson and Middlesex County Improvement Authorities.
Contact us: [email protected]
Phone: (855) 431-4400.
– or –
PACE programs in development
Like other states, New Jersey now allows municipalities to establish PACE funding programs to finance conservation and clean energy improvements for private property owners. The programs may cover both residential and commercial properties, but owing to federal mortgage policies only commercial properties can be easily covered at this time. Municipalities have wide latitude to cover a range of improvements. The key element of the programs is that repayment is made through a special assessment that is paid along with regular property taxes. This minimizes the risk to lenders and investors. Both the improvements and the payments are transferred if the property is sold, thereby also limiting the liability of the current owner.
Program Documents: NJ PACE Program Overview, New Jersey PACE Program for Municipalities, New Jersey PACE Program for Energy Contractors, New Jersey PACE Program – Socio-Economic Benefits. Contact Information: Jonathan Cloud, New Jersey PACE 8 Revere Drive, Basking Ridge, NJ 07920 Office Phone: 908-396-6179 Cell: 908-581-8418 Fax: 908-842-0422 Email: [email protected]
– or –