M E M O R A N D U M
TO: Members of the Senate Environment and Energy Committee
FROM: Christina M. Renna, Vice President
RE: Support of S-1606 (Greenstein/Singleton)
DATE: May 10, 2018
The Chamber of Commerce Southern New Jersey (CCSNJ) would like to express its support for S-1606 (Greenstein/Singleton), which would permit small businesses to qualify for loans issued by the New Jersey Economic Development Authority (NJEDA) for costs of an energy audit and making energy efficiency or conservation improvements.
Energy is a major expense for small businesses in the United States, accounting for more than $60 billion of operating costs every year. Increasingly in the last several decades, energy audits and other conservation methods have exploded as the demand to lower increasingly expensive energy costs and move towards a sustainable future have become vital.
As written, S-1606 (Greenstein/Singleton) permits the NJEDA to make low-interest loans available to eligible small businesses for 100 percent of any unreimbursed costs of an energy audit as long as the contractor is licensed by the New Jersey Board of Public Utilities. Additionally, the bill allows the NJEDA to make these available to small businesses for 100 percent of any unreimbursed costs for the purchase and installation of energy efficiency or conservation equipment.
Small businesses are the backbone of the economy and government should provide as many resources as possible to fuel their success. The CCSNJ commends the sponsors of this legislation – Senators Greenstein and Singleton – for finding a creative way to encourage small businesses to not only control their energy costs, but also create a greener environment for their community.
For these reasons, we urge you to vote yes on S-1606 (Greenstein/Singleton).