Edison Innovation Green Growth Fund Loans (New Jersey)
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Last modified on February 12, 2015.
Financial Incentive Program
|Place|| New Jersey
|Name||Edison Innovation Green Growth Fund Loans|
|Incentive Type||Industry Recruitment/Support|
|Applicable Sector||Commercial, Industrial|
|Eligible Technologies||Lighting, Furnaces, Boilers, Central Air conditioners, Energy Mgmt. Systems/Building Controls, Photovoltaics, Landfill Gas, Wind, Biomass, Tidal Energy, Wave Energy, Fuel Cells using Renewable Fuels|
|Energy Category||Renewable Energy Incentive Programs, Energy Efficiency Incentive Programs|
|Amount|| Varies; loans from 250,000 - 2 million available
|Start Date|| 2011-05-23
|Funding Source|| New Jersey Societal Benefits Charge (public benefits fund)
|Maximum Incentive|| Maximum Loan: 2 million (1:1 cash match required from non-state grants, deeply subordinated debt or equity)|
Performance Grant Conversion (end of loan term): up to 50% of loan amount
|Terms||Fixed five-year term; interest rates of 2%|
|Program Administrator||New Jersey Economic Development Authority|
The Edison Innovation Green Growth Fund (EIGGF), administered by the New Jersey Economic Development Authority, offers loans to for-profit companies developing Class I renewable energy (as defined under state renewables portfolio standard) and energy efficiency products. In order to qualify for a loan, the product in question must have already achieved "proof of concept" and have begun to generate commercial revenues.
Eligible energy efficiency products must conserve the end use of natural gas or electricity. Energy efficiency products which improve the efficiency of electricity or gas generation, transmission or distribution are not eligible. Renewable energy products or equipment must be demonstrably integral to the development of Class I renewable energy resources. A company receiving loan funds must, among other requirements, employ 75% of it's W-2 employees within New Jersey or commit to growing 10 high-paying jobs with a minimum salary of $75,000 over two years, and have management with equity in the company (see program web site for further eligibility details).
Loans from $250,000 to $2 million are available under the program, with a fixed five-year term and 2% interest rate. Borrowers must be able to supply a 1:1 cash match to the loan from non-state grants, deeply subordinated debt or equity. Up to 50% of the loan may be converted to a performance grant at the end of the five-year term based on the borrower's successful achievement of specific business milestones. Such milestones may include revenue, employment, or other targets established prior to the close of the loan.
The EIGGF is funded by the state societal benefits charge (SBC), thus proposed projects in municipalities that do not pay into the SBC are not be eligible for funding under this program. The 2012 Board of Public Utilities Clean Energy Budget Order specified total 2012 funding of $3.94 million for the program.
In order to be considered for funding, applicants must submit an Eligibility Intake Form. For additional details please see the program website, which contains the program solicitation, application information, and FAQs.
|Contact Name||Edison Innovation Green Growth Fund|
|Department|| New Jersey Economic Development Authority
|Phone|| (866) 534-7789
- Incentive and policy data are reviewed and approved by the N.C. Solar Center's DSIRE project staff.
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