(TRENTON) – Legislation Assembly Democrats
Troy Singleton,
Herb Conaway Jr., Paul Moriarty, Jerry Green, Pamela Lampitt and Vincent Mazzeo
sponsored to facilitate cost-effective environmentally-friendly improvements for
small businesses was advanced Thursday by an Assembly panel.
“Making their locations more energy
efficient has the potential to save small businesses thousands of dollars each
year,” said Singleton (D-Burlington). “This legislation will go a long way
toward helping to keep the costs of lighting, heating, ventilation and air
conditioning systems and other similar expenses at a minimum and increasing
overall profitability for small businesses in New
Jersey.”
The bill (A-943) would permit small
businesses to qualify for New Jersey Economic Development Authority loans to
cover the costs of conducting energy audits and making energy efficiency and
conservation improvements.
“Energy efficient upgrades can reduce
operating costs for small businesses while also making them eligible for the
additional benefit of tax credits,” said Conaway (D-Burlington). “In coupling
the advantages for our economy and our environment, this bill presents a simple
yet significant way to move New
Jersey forward.”
In consultation with the Department
of Community Affairs and the Board of Public Utilities, the NJEDA would be
permitted to establish and administer low-interest loans to small businesses for
100 percent of any unreimbursed costs of an energy audit conducted by a licensed
contractor and for 100 percent of any unreimbursed costs of the purchase and
installation of energy or conservation equipment deemed necessary as a result of
the energy audit.
The bill defines a “low-interest
loan” as a loan for a maximum 10-year term at a maximum rate of either 3 percent
or one-half of the prime interest rate reported in a financial newspaper
published and circulating in New York City, whichever is
greater.
“For most small businesses, energy
costs rank among the top operating expenses, so keeping those bills as low as
possible can make a real difference for a business’s bottom line,” said Moriarty
(D-Camden/Gloucester). “This legislation will help businesses reduce their costs
as well as their carbon footprints.”
“More and more, entrepreneurs are
realizing that environmental leadership is fundamental to an effective modern
business model,” said Green (D-Middlesex/Somerset/Union). “Regardless of whether
they are primarily motivated by saving the environment or by saving money, this
bill will enable small business owners to rein in on wasteful
practices.”
“As we move toward an economy in
which sustainability is increasingly a principal factor, it’s becoming clear
that going green can help a small business stay in the black,” said Lampitt
(D-Camden/Burlington). “By supporting energy efficient transitions for
New Jersey’s small businesses, this legislation
will give New
Jersey’s economy a competitive edge, and it will also be
essential in our fight against climate
change.”
“Like small business owners all over
the state, I’m constantly thinking about how to manage costs effectively so that
ultimately I can both make payroll and provide customers with the best service,”
said Mazzeo (D-Atlantic), owner of B.F. Mazzeo. “Through this legislation, small
business owners in New
Jersey will be able to save on operating costs and
market to a client base that values environmental sustainability.”
The measure was released by the
Assembly Commerce and Economic Development Committee.
