NJ Creates ‘Resiliency’ Bank
After dealing with the impacts of Hurricane Sandy, New Jersey has created the first-in-the-nation Energy Resilience Bank (ERB), which will provide $200 million for municipalities to finance clean, resilient power projects. Utilizing $200 million through New Jersey’s second Community Development Block Grant-Disaster Recovery (CDBG-DR) allocation, the ERB will support the development of distributed energy resources at critical facilities throughout the state, such as water and wastewater treatment plants, hospitals, shelters, emergency response centers and transit networks in the event the larger electrical grid fails.
The NJ Board of Public Utilities approved a sub-recipient agreement with the NJ Economic Development Authority to work jointly in the establishment and operation of the ERB.
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