Establishes GREEN Loan Program in BPU to finance renewable energy and energy efficiency projects for nonprofits.
The bill establishes the Green and Renewable Energy Efficiency for Nonprofits Loan Program, or GREEN Loan Program, in the Board of Public Utilities (BPU). The program aims to provide zero-interest loans to nonprofit organizations for renewable energy and energy efficiency projects. The BPU will manage the program, develop application criteria, and set repayment schedules. The bill appropriates $5 million from the General Fund to the BPU for the initial funding of the program.
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