Working Group Rejects Revolving Loan Program to Fund Clean EnergyOctober 12, 2011 – In The News
The New Jersey Board of Public Utilities has suggested a new revolving loan program to pay for New Jersey's clean energy initiative, but the working group handpicked by the state's agency is suggesting such a program may not be the best way to finance energy efficiency projects, according to a report released yesterday.
The report stated that "although revolving funds may be able to provide a broader role in energy efficiency on a going forward basis, we caution they should not be viewed as a quick, inexpensive or easy replacement for other incentives."
The working group is made of industry officials, utility executives and consumer advocates who will examine how the state funds its clean energy programs and will suggest ways to reduce the societal benefits charge paid by customers.
Steve Goldenberg noted that the group has not ruled out using revolving loan funds in the future, but recognized they have to be phased in over time.
"We recognize it could be attractive to large users, but less so for residential customers," said Goldenberg. "In a tough economy, people are having trouble spending money in the first place."