Solar Landscape Secures $10.5M Loan for NJ Clean Energy Projects

Solar Landscape, a leading provider of solar energy solutions, has successfully secured a $10.5 million loan from the New Jersey Economic Development Authority (NJEDA) as part of the state’s $80 million Clean Energy Loans (NJ CELs) Program.

This milestone financing will allow Solar Landscape, a key player in New Jersey’s clean energy mission, to invest in clean energy projects that create jobs, expand access to solar energy in underserved communities, and support minority-, woman-, and veteran-owned businesses. The company plans to create 185 new field and office jobs in New Jersey over the next five years, marking a significant milestone in its mission to deliver sustainable, clean, and renewable energy solutions to customers in the state.

NJEDA developed the NJ CELs Program to support small businesses seeking to finance clean energy projects. The program offers loans of $250,000 to $10 million with a term of one to 25 years. It is funded by the State Small Business Credit Initiative (SSBCI), part of the federally funded American Rescue Plan. The Biden Administration has recently highlighted New Jersey’s efforts to support climate-focused initiatives through the $80 million NJ CELs program.

With a mission to create a cleaner, greener Garden State, NJEDA Chief Executive Officer Tim Sullivan highlights the importance of clean energy in meeting Governor Phil Murphy’s vision for a more sustainable future for New Jersey. Sullivan says that by leveraging federal resources, the state is driving economic growth and improving residents’ lives.

Solar Landscape, an Asbury P. Ark.-based company, has secured a $10 million loan from NJEDA as part of a $80 million effort to expand clean energy across the state.

Solar Landscape will use the proceeds to fund community solar projects on rooftops of buildings owned by the nation’s largest commercial real estate companies. The energy generated by these projects will then be distributed to nearby communities to help them save on their energy bills while also advancing the fight against climate change. This innovative financing mechanism, a testament to Solar Landscape’s commitment to innovation, will help the company deliver clean, sustainable energy solutions while creating jobs and advancing environmental protection.

The NJ CELs Program is designed to stimulate economic growth while creating a cleaner and more environmentally sustainable future for New Jersey. By providing loans to small businesses seeking to finance clean energy projects, the program is helping to leverage private-sector investment in renewable energy sources. This program is expected to create thousands of jobs while helping reduce greenhouse gas emissions and improve air quality for residents living in underserved communities. ( From the Office of the Governor )