New Jersey Senate Bill S2089

New Jersey 2022-2023 Regular Session

• Introduced: 3/3/22
• Refer: 3/3/22
• Report Pass: 5/15/23
• Refer: 5/15/23

Caption

Permits small businesses to qualify for loans from EDA for costs of energy audit and making energy efficiency or conservation improvements.

Impact

The implementation of SB 2089 is expected to have a positive impact on state laws related to small business support and energy conservation efforts. By enabling small businesses to access funding for energy efficiency improvements, the bill can help reduce energy costs long-term, thus fostering economic growth and providing competitive advantages to businesses. Furthermore, this program aligns with broader state initiatives aimed at reducing carbon footprints and promoting sustainable practices across various industries.

Summary

Senate Bill 2089 aims to support small businesses in New Jersey by facilitating low-interest loans through the New Jersey Economic Development Authority (EDA). The bill requires the EDA, in consultation with relevant state departments, to establish a loan program that covers 100% of unreimbursed costs associated with energy audits and subsequent energy efficiency or conservation improvements. This initiative is designed to promote sustainable energy practices within small businesses, contributing to environmental goals while enhancing their operational efficiency.

Contention

While the bill has gained support due to its potential economic and environmental benefits, some concerns may arise regarding the eligibility criteria and the origination of funds for the loans. Stakeholders may question whether the funds available will adequately meet the demand and if the loan terms are manageable for small business owners. Additionally, ensuring that the program effectively reaches underserved populations could also be a point of discussion as the bill progresses through legislative channels.