New Jersey Clean Energy Loans (NJ CELs)

New Jersey Clean Energy Loans (NJ CELs) is an $80 million co-lending program to help businesses with fewer than 750 people finance clean energy projects and businesses in New Jersey. The New Jersey Economic Development Authority will finance up to 50% of the overall loan amount for projects, or $250,000 to $10 million for projects of $500,000 up to $20 million.

The program provides 1-25 year term loans with interest rates 3-5% below the relevant financial institution's rate. Eligible clean energy projects include:A clean energy infrastructure project (e.g., solar-plus-energy storage project);Installing and/or purchasing clean energy improvements at a small business’s existing facility, (e.g., upgrading to a high-efficiency electric heat pump or purchasing a zero-emission medium or heavy-duty electric vehicle [ZEMHDV]);The creation or expansion of a small business that manufactures clean energy products or their integral components for sale (e.g., manufacturer of electric vehicle batteries or their components); or\The creation or expansion of a small business that offers clean energy services (or product sales and service) in the marketplace (e.g., a small business that improves building envelopes through the installation of more energy efficient insulation, windows, and other envelope components).Please refer to the NJCELs website and FAQs for additional eligibility, scoring, and loan term details.