Energy Efficiency Revolving Loan Fund
Loans of $300,000–$2 million at 1.5% interest help New Jersey executive-branch bodies improve the energy performance of state-owned and operated facilities.
Ez a lehetőség jelenleg angolul érhető el.
Finance energy efficiency retrofits and upgrades recommended by a qualifying energy assessment. Health and safety improvements and solar systems may also qualify when the assessment recommends them.
You repay the loan with interest. Retrofit and upgrade loans can run for up to the shorter of 15 years or the useful life of the work, with repayments on 1 January and 1 July. The measures in the application must have a combined weighted average useful life at least as long as the maximum repayment period.
The same fund offers a bridge loan against expected federal Direct Pay receipts: eligible tax-exempt bodies receive a payment from the IRS for qualifying clean energy tax credits. The advance is repaid when that payment arrives and lasts no more than one year after construction.
BPU reviews invoices before Treasury pays projects delivered through the Division of Property Management and Construction (DPMC). For executive-branch departments that do not use DPMC, funds are held in escrow and BPU pays NJStart-registered vendors after receiving project invoices.
If costs exceed the budget, the borrower must complete the work at its own expense or reduce its scope.
Eligibility
- Your applicant must be an executive-branch agency, authority, commission or board that owns and operates state facilities. Project costs must satisfy US Treasury requirements.
- Submit a qualifying energy audit covering every measure requested. Audits should date from 2021 or later; exceptions may be considered for 2019–2020 audits.
- The audit must establish the facility’s overall energy use, identify lifecycle cost-effective opportunities, identify each building’s peak-demand periods, demand levels and main contributing energy uses, recommend controls to reduce or redistribute peak consumption, and estimate total potential energy and cost savings using DOE-approved software. The software must use BuildingSync, a standard format for sharing building audit data.
- Upgrades and retrofits must be recommended by the qualifying audit and be cost-effective over their life. They must improve occupant comfort, energy efficiency or indoor air quality, and either reduce energy intensity or improve energy control to reduce peak demand.
- A Direct Pay advance also requires eligibility under federal Direct Pay rules, the necessary IRS project approvals and work with NJ Treasury. Provide evidence of the Direct Pay application submission to US Treasury when applicable.
- Projects must comply with DOE’s special terms, including Davis-Bacon wage requirements, Build America, Buy America requirements and the National Environmental Policy Act. Submit weekly certified payrolls to DOE showing the required prevailing wages and benefits.
- Submit quarterly project status reports to State Energy Services by the fifth day of the first quarter after loan closing, then by the fifth day of each quarter for the duration of the project.
How to apply
- Állapot
- Folyamatosan nyitva
- Az adott pályázati kör feltételei
- The programme currently accepts applications. Application Period B is open to eligible state agencies and closes when the fund has less than $300,000.[^c1][^c5]
- Applications must be substantially complete for first-come, first-served assessment.[^c6]
Download the application form and submit a complete electronic application to BPU State Energy Services at bpu.energyservices@bpu.nj.gov. Include the preliminary energy audit and a list of other funding sources. Complete the measures worksheet with annual savings, costs, payback periods and useful lives, and include an implementation schedule with timelines and milestones.
Applications are assessed first come, first served when substantially complete. Other federal, state and utility funds can contribute to the project, but non-EE RLF funds must be accounted for separately.
A successful applicant signs a promissory note committing to repay the loan and a Memorandum of Understanding (MOU) with BPU setting out its terms. Board approval and execution by all parties are required before the MOU constitutes loan funding. You must be able to complete and submit reporting forms electronically.