A New Jersey photo voltaic venture by Photo voltaic Panorama.
The New Jersey Financial Growth Authority (NJEDA) just lately authorised a brand new program aimed to cut back greenhouse gasoline emissions and vitality prices. The Reducing Emissions through Retrofits, Optimization, Fuel-Switching and Innovative Technologies (RETROFIT NJ) Grant Program will help multi-pronged, large-scale retrofit initiatives that allow holistic vitality enhancements, together with photo voltaic + storage, for buildings, campuses and multi-building amenities. The brand new funding expands upon the efforts of the prevailing NJ Cool program.
“New Jersey is main the nation in constructing a cleaner and extra resilient future,” mentioned Gov. Phil Murphy. “The RETROFIT NJ Grant Program strengthens our dedication to lowering emissions, cuts vitality prices, and drives innovation throughout our state. By investing in retrofit initiatives, we’re not solely defending the environment, but additionally creating good-paying jobs and decreasing prices for households and companies.”
RETROFIT NJ will supply grant awards between $2.5 million and $12.5 million to industrial, industrial and institutional constructing homeowners enterprise retrofit initiatives with a minimal whole venture value of $5 million. Eligible initiatives should embrace a minimum of three clear vitality or electrification elements, comparable to photo voltaic, vitality storage, electrification of heating, refrigerant alternative and vitality effectivity upgrades. RETROFIT NJ may also present help for initiatives implementing Thermal Vitality Networks (TENs), an rising know-how that may considerably cut back emissions throughout a number of buildings. This program is the most important authorities development grant program obtainable for TENs within the nation with as much as $12.5 million obtainable per venture, demonstrating New Jersey’s sturdy management in advancing cutting-edge know-how options to local weather change.
“New Jersey is dedicated to combating local weather change by impactful packages that purpose to cut back our carbon footprint and promote a greener state,” mentioned NJEDA chief financial transformation officer Kathleen Coviello. “With at present’s approval of the RETROFIT NJ program, we’re increasing entry to energy-efficient upgrades, strengthening our communities and financial system, whereas serving to companies cut back vitality use and get monetary savings.”
At the moment, the NJ Cool program supplies monetary help to industrial, industrial and institutional constructing homeowners and tenants enterprise retrofit development initiatives that cut back working greenhouse gasoline emissions from current buildings in State-designated Overburdened Communities (OBCs) and Adjoining Neighborhood census blocks.
The RETROFIT NJ program will make the most of $75 million in Regional Greenhouse Fuel Initiative (RGGI) funds, with 50% of the funding pool designated for purposes submitted for initiatives in OBCs and/or for Institutional candidates for a one-year interval. Funding supplied by this system will cowl each exhausting and comfortable venture prices, together with design, engineering, gear, development and commissioning. Non-profit and institutional candidates will obtain as much as 60% reimbursement, whereas for-profit industrial entities are eligible for as much as 50% reimbursement, with an extra 5% bonus for all initiatives positioned in OBCs. Functions shall be accepted on a rolling foundation with phased disbursement.
Functions for RETROFIT NJ are anticipated to open within the first quarter of 2026.
Information merchandise from the NJEDA
