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New Jersey

New Jersey

Incentives/Policies for Energy Efficiency

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Edison Innovation Green Growth Fund Loans   

Last DSIRE Review: 05/01/2013
Program Overview:
State: New Jersey
Incentive Type: Industry Recruitment/Support
Eligible Efficiency Technologies: Lighting, Furnaces , Boilers, Central Air conditioners, Energy Mgmt. Systems/Building Controls, LED Lighting, All Products That Conserve End Use of Natural Gas or Electricity (Efficiency Must Exceed Applicable Building Codes and Appliance Standards)
Eligible Renewable/Other Technologies: Photovoltaics, Landfill Gas, Wind, Biomass, All Products Integral to the Development of Class I Renewable Energy Technologies, Tidal Energy, Wave Energy, Fuel Cells using Renewable Fuels
Applicable Sectors: Commercial, Industrial
Amount:Varies; loans from $250,000 - $2 million available
Maximum Incentive:Maximum Loan: $2 million (1:1 cash match required from non-state grants, deeply subordinated debt or equity)
Performance Grant Conversion (end of loan term): up to 50% of loan amount
Terms:Fixed five-year term; interest rates of 2%
Funding Source:New Jersey Societal Benefits Charge (public benefits fund)
Start Date:05/23/2011
Web Site: http://www.njeda.com/web/Aspx_pg/Templates/Npic_Text.aspx?Doc_Id=...
Summary:
Note: The energy efficiency technologies indicated as "eligible" above are examples of possible eligible technologies listed on the program web site. Other products that conserve electricity or natural gas may also be eligible. The renewable energy technologies listed above are those deemed "Class I Renewable Energy" under the New Jersey renewables portfolio standard (RPS). For more detailed definitions please see the program web site.
 
The Edison Innovation Green Growth Fund (EIGGF), administered by the New Jersey Economic Development Authority, offers loans to for-profit companies developing Class I renewable energy (as defined under state renewables portfolio standard) and energy efficiency products. In order to qualify for a loan, the product in question must have already achieved "proof of concept" and have begun to generate commercial revenues.
 
Eligible energy efficiency products must conserve the end use of natural gas or electricity. Energy efficiency products which improve the efficiency of electricity or gas generation, transmission or distribution are not eligible. Renewable energy products or equipment must be demonstrably integral to the development of Class I renewable energy resources. A company receiving loan funds must, among other requirements, employ 75% of it's W-2 employees within New Jersey or commit to growing 10 high-paying jobs with a minimum salary of $75,000 over two years, and have management with equity in the company (see program web site for further eligibility details).
 
Loans from $250,000 to $2 million are available under the program, with a fixed five-year term and 2% interest rate. Borrowers must be able to supply a 1:1 cash match to the loan from non-state grants, deeply subordinated debt or equity. Up to 50% of the loan may be converted to a performance grant at the end of the five-year term based on the borrower's successful achievement of specific business milestones. Such milestones may include revenue, employment, or other targets established prior to the close of the loan.
 
The EIGGF is funded by the state societal benefits charge (SBC), thus proposed projects in municipalities that do not pay into the SBC are not be eligible for funding under this program. The 2012 Board of Public Utilities Clean Energy Budget Order specified total 2012 funding of $3.94 million for the program.

In order to be considered for funding, applicants must submit an Eligibility Intake Form. For additional details please see the program website, which contains the program solicitation, application information, and FAQs.


 
Contact:
  Edison Innovation Green Growth Fund
New Jersey Economic Development Authority
Phone: (866) 534-7789
E-Mail: EIGGF@njeda.com
Web Site: http://www.njeda.com/
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Disclaimer: The information presented on the DSIRE web site provides an unofficial overview of financial incentives and other policies. It does not constitute professional tax advice or other professional financial guidance, and it should not be used as the only source of information when making purchasing decisions, investment decisions or tax decisions, or when executing other binding agreements. Please refer to the individual contact provided below each summary to verify that a specific financial incentive or other policy applies to your project.

While the DSIRE staff strives to provide the best information possible, the DSIRE staff, the N.C. Solar Center, N.C. State University and the Interstate Renewable Energy Council, Inc. make no representations or warranties, either express or implied, concerning the accuracy, completeness, reliability or suitability of the information. The DSIRE staff, the N.C. Solar Center, N.C. State University and the Interstate Renewable Energy Council, Inc. disclaim all liability of any kind arising out of your use or misuse of the information contained or referenced on DSIRE Web pages.

Copyright 2013 - 2014 North Carolina State University, under NREL Subcontract No. XEU-0-99515-01. Permission granted only for personal or educational use, or for use by or on behalf of the U.S. government. North Carolina State University prohibits the unauthorized display, reproduction, sale, and/or distribution of all or portions of the content of the Database of State Incentives for Renewables and Efficiency (DSIRE) without prior, written consent.