New Jersey Economic Development Authority
At a Glance
Industry
Government/Public Administration
Project Types
Clean and Renewable Energy, Financial Evaluation and Planning, Zero Emission Vehicles, Freight and Logistics
Year
2021
Location
Newark, NJ
Summary
Kristine Arboleda provided the New Jersey Economic Development Authority (NJEDA) with key takeaways from research and stakeholder interviews to inform the design of an electric medium and heavy-duty vehicle (eMHDV) financing product.
Goals
The NJEDA, a state agency committed to supporting economic growth in New Jersey, is charged with establishing the state’s first green bank, the New Jersey Green Fund (Green Fund). NJEDA hosted EDF Climate Corps fellow, Kristine Arboleda, to conduct market research and stakeholder outreach informing the design of a financing product that the Green Fund could offer to accelerate the purchase of eMHDVs throughout the state. Kristine’s research focused on the needs of small fleet owners, who encounter significant economic barriers to eMHDV ownership.
Solutions
Through extensive research and conversations with stakeholders throughout New Jersey’s medium and heavy-duty vehicle ecosystem, Kristine sought to:
- Understand existing financing options: Kristine first developed an understanding of the existing commercial internal combustion engine medium and heavy-duty vehicle loan and lease options available to small fleet owners in New Jersey.
- Identify financing risks and barriers: Kristine identified the risks and barriers associated with providing financing for eMHDVs to small fleet owners.
- Determine primary product design criteria: Kristine proposed core, critical, and long-term criteria to be used in the design of the eMHDV financing product.
- Identify tools and approaches for application: Lastly, Kristine identified tools that have been used by green banks to grow clean energy technologies as well as financing approaches have been employed by other innovative eMHDV companies.
Potential Impact
New Jersey’s transportation sector accounts for over 40% of net statewide greenhouse gas emissions and is currently the largest source of emissions in the state. The key information obtained from Kristine’s work provides the NJEDA and the Green Fund with a path forward to design a financing product that supports the state’s transition to eMHDVs, prioritizes the needs of small fleet owners in overburdened communities, and reduces the state’s emissions resulting from medium and heavy-duty transportation.