Establishes Renewable and Efficient Energy Financing Program; authorizes BPU to transfer up to $20 million annually in societal benefits charge revenues to New Jersey Infrastructure Bank for purposes of program.

This bill establishes the Renewable and Efficient Energy Financing Program (REEF) to help state agencies, local governments, and school districts fund energy efficiency improvements in their buildings. The program would provide loans and financial assistance for projects that reduce energy costs, requiring applicants to demonstrate that improvements will save more in energy costs than they cost over a 10-year period or the project's useful life. The Board of Public Utilities would transfer up to $20 million annually from societal benefits charge revenues (a surcharge on utility bills) to fund the program through the New Jersey Infrastructure Bank. The program requires annual reports on effectiveness and sets criteria for project eligibility, prioritization, and financial assistance terms.