Establishes Climate Change Mitigation and Resilience Financing Program in NJ Infrastructure Bank; imposes per-kilowatt hour charge on electric energy consumption to finance climate change mitigation and resilience projects.
Impact
Upon implementation, A1461 will impose a non-bypassable charge on customers of electric public utilities, starting at $0.0003 per kilowatt-hour of electricity consumed. This charge will fund the financing program, with the amount decreasing as more renewable energy is integrated into the state's energy supply. Specifically, once 100% of electricity is derived from designated renewable sources, the charge will be eliminated, thereby encouraging a transition towards a more sustainable energy framework and reducing greenhouse gas emissions.
Summary
Bill A1461 seeks to establish the Climate Change Mitigation and Resilience Financing Program through the New Jersey Infrastructure Bank. This program aims to provide low-interest loans and other forms of financial assistance to state entities, local government units, and private organizations for projects focused on mitigating climate change and enhancing resilience against its adverse impacts. The bill encompasses various project types, including renewable energy sources, community solar initiatives, energy efficiency improvements, and infrastructure adaptations to combat sea-level rise and extreme weather events.
Contention
Notable points of contention include the potential economic impact on utility customers due to the imposed charge, as some may view it as an additional financial burden. Furthermore, there are discussions surrounding the effectiveness and efficiency of the program in allocating funds to climate change projects, ensuring that the selected initiatives significantly contribute to public health and environmental resilience. The effectiveness of the Department of Environmental Protection and the Board of Public Utilities in managing the program and establishing project priorities may also be debated.
Carry Over
Establishes Climate Change Mitigation and Resilience Financing Program in NJ Infrastructure Bank; imposes per-kilowatt hour charge on electric energy consumption to finance climate change mitigation and resilience projects.
Establishes Climate Change Mitigation and Resilience Financing Program in NJ Infrastructure Bank; imposes per-kilowatt hour charge on electric energy consumption to finance climate change mitigation and resilience projects.
Establishes Community Hazard Assistance Mitigation Program in, and authorizes issuance of bonds by, NJ Infrastructure Bank to fund certain hazard mitigation and resilience projects; makes various changes to NJ Infrastructure Bank's enabling act; appropriates $500,000.
Establishes Community Hazard Assistance Mitigation Program in, and authorizes issuance of bonds by, NJ Infrastructure Bank to fund certain hazard mitigation and resilience projects; makes various changes to NJ Infrastructure Bank's enabling act; appropriates $500,000.
Amends list of hazard mitigation and resilience projects approved for funding by NJ Infrastructure Bank under FY2025 Community Hazard Assistance Mitigation Program.
Establishes Climate Change Mitigation and Resilience Financing Program in NJ Infrastructure Bank; imposes per-kilowatt hour charge on electric energy consumption to finance climate change mitigation and resilience projects.
Establishes "Energy Infrastructure Public-Private Partnerships Program"; amends law concerning NJ infrastructure Bank; and authorizes certain energy contracts under "Public School Contracts Law" and "Local Public Contracts Law" up to 25 years.
Establishes "Energy Infrastructure Public-Private Partnerships Program"; amends law concerning NJ infrastructure Bank; and authorizes certain energy contracts under "Public School Contracts Law" and "Local Public Contracts Law" up to 25 years.
Establishes "Energy Infrastructure Public-Private Partnerships Program" and related financing program in NJ Infrastructure Bank; and authorizes certain energy contracts under "Public School Contracts Law" and "Local Public Contracts Law" up to 30 years.
Establishes "Energy Infrastructure Public-Private Partnerships Program" and related financing program in NJ Infrastructure Bank; and authorizes certain energy contracts under "Public School Contracts Law" and "Local Public Contracts Law" up to 30 years.
Establishes Community Hazard Assistance Mitigation Program in, and authorizes issuance of bonds by, NJ Infrastructure Bank to fund certain hazard mitigation and resilience projects; makes various changes to NJ Infrastructure Bank's enabling act; appropriates $500,000.