Dancer bill would create an interest-free loan program for the purchase of generators

Dancer bill would create an interest-free loan program for the purchase of generators

TRENTON, N.J. – Assemblyman Ron Dancer has introduced legislation (A4798) that would help consumers buy home power generators that they otherwise might not be able to afford.  Dancer’s bill would require electric companies to work with the Board of Public Utilities and the Division of Rate Counsel to create an interest-free revolving loan program to aid residential customers in the purchase of standby emergency power generators.

“We need to ensure the people of New Jersey are prepared for the next big storm,” said Dancer (R-Ocean). “My proposal will make it easier for people to purchase a generator and gives them one less thing to worry about after a storm. This is especially important for the rural parts of the state where residents depend on well water and septic for their basic needs and the restoration process is slower in these areas.”

The terms of the loan will be approved by the Board of Public Utilities and will include a non-lapsing, revolving fund established by utility companies to provide interest-free loans not to exceed of up to $8,000 per customer for a generator.

“By creating this loan program, we can make sure people are not without power for days a time,” said Dancer. “With electric companies working in conjunction with the BPU and the Division of Rate Counsel, the program will be fair for all those involved. By working together, we can ensure you’re not without power while the restoration process takes place.”

The loan would be made to the customer and the generators must be purchased from businesses in the private sector.