A blue-ribbon panel of experts will explore the possibilities for creating more jobs, clean energy and resilient property development during the first New Jersey PACE Summit, Friday, June 12 from 8 a.m. to noon at Princeton University in the Frick Auditorium.
The opportunities exist through a novel program designed to secure private financing for approved projects under the Property Assessed Clean Energy (PACE) program. Now active in more than 30 states, PACE allows energy conservation and clean-energy upgrades to be financed through low-cost, long-term capital. Last year, PACE-funded projects grew by a factor of 10—from $60 million in 2013 to $600 million in 2014. To date, more than 9,000 jobs have been created.
Each state can choose whether and how to adapt the program. “New Jersey adopted PACE legislation in 2012, and is still getting in gear. That could change quickly with proposed new amendments,” says Jonathan Cloud, executive director of New Jersey PACE, the 501(c)(3) nonprofit organizing the summit.
In May, the New Jersey Senate Budget and Appropriations Committee approved A2579 / S1510, an amendment designed to foster wider development and approval of PACE projects, including resiliency improvements. This opens the way for a vote on the Senate floor, likely some time this month.
The Summit will bring together a variety of experts and thought leaders, including representatives from states that have already successfully implemented the program:
- Former NJ Governor James Florio
- New Jersey Senator Bob Smith
- New Jersey Assemblyman Raj Mukherji
- New Jersey Board of Public Utilities Commissioner Upendra Chivukula
- PACENow (National) Executive Director David Gabrielson
- Connecticut Energy Finance Authority Executive Vice President and Chief Investment Officer Bert Hunter
- New York Energy Improvement Corporation former Chairman of the Board Andrew Chintz
- Simon Property Group Vice President Energy Services and Sustainable Practices Ed Sayers
- Mario DiNatale, Deputy Mayor, Voorhees Township, N.J.
- New Jersey Builders Association President George Vallone
- PACE-Equity LLC Chief Investment Officer Kevin Moyer
- MSL Group Inc. President Michael Licamele