RETROFIT NJ Program

Open in new Tab RETROFIT NJ Program The NJEDA Board has approved modifications to RETROFIT NJ and increased Program funding ahead of a second round of funding. The Program is not yet accepting applications, please check back for updates on the application opening date. The Reducing Emissions through Innovative Technologies (RETROFIT NJ) Grant Program is a $75 million pilot program launched by the New Jersey Economic Development Authority (NJEDA) to provide financial assistance to multi-pronged, large-scale retrofit projects that enable holistic energy improvements at multi-building facilities. The NJEDA will provide grant awards ranging from $2.5 to $12.5 million to reimburse applicants for eligible hard and soft construction costs, including commissioning from projects that significantly reduce carbon emissions, serve as replicable models, accelerate New Jersey’s clean energy transition, and stimulate economic growth in the clean energy industry This pilot is funded by the Regional Greenhouse Gas Initiative (RGGI) proceeds allocated to the NJEDA and will accelerate the adoption of more environmentally friendly building construction practices within New Jersey. AMOUNT The tax credit amount to an eligible business is calculated based on the lesser of: • 0.1 percent of the eligible business’s total capital investment multiplied by the number of new full-time jobs; or • 25 percent of the eligible business’s total capital investment; or • $250 million. BENEFITS The Next NJ Program – AI provides tax credits to eligible businesses to offset against their state tax liability and for companies to engage in building and fostering New Jersey’s fast-growing AI ecosystem. Additionally, these tax credits are transferable under the program. ELIGIBILITY AI business or a division must be primarily engaged in the artificial intelligence industry or the large-scale artificial intelligence data center industry. ELIGIBILITY REQUIREMENTS GRANT AWARD ELIGIBLE USES OF GRANT FUNDING APPLICATION PROCESS FEES Applicants For projects involving Thermal Energy Networks: Applicants must be Institutional building owners OR equivalent tenants seeking to complete retrofit construction projects in existing eligible building spaces. For all other eligible project scopes, applicants must be one of the following: “Institutional” building owners OR tenants that serve a non-profit or public purpose (as defined at NJAC 7:27D-1.2). State and bi-state agencies are excluded under this category, except for State entities whose primary purpose is education or healthcare ( State colleges and universities, State-operated schools, State-managed hospital systems, and other State educational or healthcare institutions). Private manufacturing building owners OR tenants whose primary use of the building is manufacturing or industrial operations that meet the definition of Property Class 4B in NJAC 18:12-2.2(f)). Institutional buildings are defined as those buildings that serve a non-profit or public purpose, such as a school, institution of higher education, municipal utility, public recreation or cultural facility, or government entity. The applicant must also be in substantial good standing with the New Jersey Department of Labor and Workforce Development and NJ Department of Environmental Protection to participate in the program. The applicant must provide a current tax clearance certificate at the time of grant agreement execution to demonstrate the applicant is properly registered to do business in New Jersey and in substantial good standing with the NJ Division of Taxation. Building Buildings must meet the following eligibility requirements :