Directs NJ Infrastructure Bank to establish financing program for electric school buses; allocates $20 million annually in societal benefits charge.

The bill directs the New Jersey Infrastructure Bank to establish a financing program for electric school buses. It allocates $20 million annually in societal benefits charge revenues to the NJIB for this program. School districts seeking financial assistance must apply to the Board of Public Utilities, which will require an energy assessment comparing electric and diesel-powered school buses. The NJIB will provide loans or other financial assistance to school districts for purchasing electric school buses and related charging infrastructure, prioritizing those in overburdened communities.

Directs NJ Infrastructure Bank to establish financing program for electric school buses; allocates $20 million annually in societal benefits charge.

The bill directs the New Jersey Infrastructure Bank to establish a financing program for electric school buses. It allocates $20 million annually in societal benefits charge revenues to the NJIB for this program. School districts seeking financial assistance must apply to the Board of Public Utilities, which will require an energy assessment comparing electric and diesel-powered school buses. The NJIB will provide loans or other financial assistance to school districts for purchasing electric school buses and related charging infrastructure, prioritizing those in overburdened communities.