Permits small businesses to qualify for loans from EDA for costs of energy audit and making energy efficiency or conservation improvements.

This bill allows small businesses in New Jersey to apply for low-interest loans from the Economic Development Authority to cover the full cost of energy audits and the installation of energy efficiency improvements. To qualify, businesses must be independently owned, operate primarily within the state, and meet other criteria set by the authority. The loans can have terms of up to ten years and carry interest rates capped at the greater of 3% or half the prime rate. The authority will work with the Board of Public Utilities and the Department of Community Affairs to administer this program.