Vote Solar Commends EDA on Creation of New Jersey Green Bank
Trenton, NJ — Vote Solar welcomed the establishment of a New Jersey Green Bank with Regional Greenhouse Gas Inventory (RGGI) auction proceeds by the New Jersey Economic Development Authority (EDA), in collaboration with the Department of Environmental Protection (DEP), Board of Public Utilities (BPU) this past Friday. Vote Solar had previously filed comments with the agencies in support of establishing a green bank to serve New Jersey’s low-income families and small businesses.
“One of the greatest challenges for low-income families and small businesses in New Jersey that want to access clean energy savings is the upfront costs of efficiency upgrades, rooftop solar installation and similar projects,“ said Pari Kasotia, Mid-Atlantic Director at Vote Solar. “Access to affordable capital, especially that which is earmarked for clean energy upgrades, reduces a huge barrier. With money set aside to help everyone enjoy clean energy savings, New Jersey is one step closer to ensuring that everyone benefits from the new clean energy economy.”
The New Jersey Green Bank will also prioritize projects that provide training and create high-quality jobs for New Jerseyans, creating sustainable economic benefits for members of the community. With the clean energy investments enabled by Green Bank loans, families and small businesses can invest in long-term energy savings.
“Particularly as we begin to understand the enormous toll the coronavirus has taken not only our health, but our economy, access to affordable financing and job training will be instrumental in helping New Jersey build back better,” said Pari Kasotia, Mid-Atlantic Director at Vote Solar. “By being able to invest in clean energy now, New Jersey’s low-income and environmental justice communities will also be more economically resilient to the next crisis, thanks to lower energy bills that lead to savings.”
Vote Solar is part of a broad coalition of community and energy justice advocates working toward greater low-income access to the clean energy economy. Learn more at NJShines.org.