By Frank Brill, EnviroPolitics Editor
Posted for review in the New Jersey Senate Budget Committee on March 4, 2019, is S-1606 which provides for Economic Development Authority (EDA) loans to small businesses to cover the costs of energy audits and energy efficiency or conservation improvements.
Sponsored by Senators Linda Greenstein (D14) and Troy Singleton (D7), the bill permits the EDA to make one or more low-interest loans available to an eligible small business for 100 percent of any unreimbursed costs to the small business of an energy audit of any of the small business’s buildings that is conducted by a contractor licensed by the state Board of Public U.ilities.
It also permits the EDA to make low-interest loans available to an eligible small business for 100 percent of any unreimbursed costs for the purchase and installation of all energy efficiency or conservation equipment at any of the small business’s buildings as a result of the energy audit.
The bill defines a “low-interest loan” as a loan for a term not exceeding 10 years at a rate of interest not exceeding the greater of three percent or one-half of the prime interest rate as reported in a financial newspaper published and circulating in New York City.
The bill defines an “eligible small business” as a business entity that, at the time of application for participation, is independently owned and operated, operates primarily within the State, and satisfies other criteria that may be established by the EDA.
The legislation was released by the Senate Environment and Energy Committee on May 10, 2018.
An identical bill, A3940. has been introduced by Assemblyman Wayne DeAngelo (D-14) and has been referred to the Commerce and Economic Development Committee.
