NJ
New Jersey Assembly Bill A4131

New Jersey 2022-2023 Regular Session

New Jersey Assembly Bill A4131

Introduced
6/2/22  

Caption

Establishes Renewable and Efficient Energy Financing Program; authorizes BPU to transfer up to $20 million annually in societal benefits charge revenues to New Jersey Infrastructure Bank for purposes of program.

Impact

The REEF program is expected to significantly impact state laws governing energy use and financial accountability. It mandates that the New Jersey Board of Public Utilities (BPU) must create a project priority list for funding each fiscal year, ensuring that financial resources are allocated effectively to benefit the most impactful energy improvement projects. Furthermore, the BPU will be releasing an annual report to monitor and assess the program's effectiveness in achieving cost savings and promoting energy efficiency across various government sectors.

Summary

Assembly Bill A4131 establishes the Renewable and Efficient Energy Financing (REEF) program within the New Jersey Infrastructure Bank (NJIB). This initiative aims to enhance energy efficiency across State entities, local units, and school districts by providing loans and various financial assistance for energy improvement projects. The program is designed to serve properties owned or managed by these entities, focusing particularly on cost-effective modifications that reduce energy consumption and costs, aligning with New Jersey's broader goals for sustainability and efficient energy use.

Contention

While the bill aims to streamline funding for energy efficiency projects, it may generate debate regarding budget allocations and the administration of funds. Critics could highlight concerns over the management of the societal benefits charge, which funds the program via a surcharge on public utility customers. The intent to transfer up to $20 million annually to the NJIB for these purposes may face scrutiny regarding its implications for utility rates, the accountability of the NJIB in deploying these funds, and the measurable impacts these investments will have on energy efficiency outcomes.

Latest A4131 Activity

Companion Bills

NJ S419

Same As Establishes Renewable and Efficient Energy Financing Program; authorizes BPU to transfer up to $20 million annually in societal benefits charge revenues to New Jersey Infrastructure Bank for purposes of program.

Similar Bills

NJ S419

Establishes Renewable and Efficient Energy Financing Program; authorizes BPU to transfer up to $20 million annually in societal benefits charge revenues to New Jersey Infrastructure Bank for purposes of program.

NJ S201

Establishes Renewable and Efficient Energy Financing Program; authorizes BPU to transfer up to $20 million annually in societal benefits charge revenues to New Jersey Infrastructure Bank for purposes of program.

NJ A574

Establishes Renewable and Efficient Energy Financing Program; authorizes BPU to transfer up to $20 million annually in societal benefits charge revenues to New Jersey Infrastructure Bank for purposes of program.

NJ A1474

Directs NJ Infrastructure Bank to establish financing program for electric school buses; allocates $20 million annually in societal benefits charge revenues to NJ Infrastructure Bank for purposes of program.

NJ A3139

Directs NJ Infrastructure Bank to establish financing program for electric school buses; allocates $20 million annually in societal benefits charge revenues to NJ Infrastructure Bank for purposes of program.

NJ S218

Directs NJ Infrastructure Bank to establish financing program for electric school buses; allocates $20 million annually in societal benefits charge revenues to NJ Infrastructure Bank for purposes of program.

NJ S886

Directs NJ Infrastructure Bank to establish financing program for electric school buses; allocates $20 million annually in societal benefits charge revenues to NJ Infrastructure Bank for purposes of program.

HI HB1409

Relating To Transit-oriented Development.