PSE&G’s extends solar loan programme by $143m

13 November 2009

New Jersey’s Public Service Electric and Gas Company (PSE&G) has received approval from state regulators to expand its innovative solar loan programme by approximately $143m to finance the installation of an additional 51MW of solar energy systems on homes, businesses and municipal buildings throughout its electric service area.

Since the utility’s initial solar loan programme was approved by the New Jersey Board of Public Utilities in April 2008, customers have applied for loans totaling $105m that would result in 30MW of installed solar capacity. Today’s new initiative will result in a total of $248m available for loans and 81MW of solar power for New Jersey.

‘There’s no question that providing a source of stable, secure capital, especially in our tough economy, has helped boost the number of solar energy systems in New Jersey,’ said Ralph LaRossa, president and COO of PSE&G. ‘With today’s board of public utilities approval, this expanded program will support the development of another 51MW of solar energy to help our state meet its aggressive renewable goals and reduce carbon emissions.’

A settlement agreement has been reached between PSE&G and the board of public utilities, the Department of the Public Advocate, solar developers and installers, and other utilities.

The solar loan programme will be open to all of PSE&G’s electric customers, including residential, commercial, industrial and governmental, with the solar systems owned by the borrower of the loan. The programme will be available for two years until 51MW of projects have been developed.

PSE&G will provide loans to developers or customers to cover about half of the cost of a solar installation project, depending on the projected output of the solar energy system and the cost of the system, with the remaining project cost funded by the owner of the solar system.

PSE&G’s electric customers will pay for the cost of the solar program through a recovery charge included in the delivery part of their monthly bill.

In addition to the loan programme, PSE&G has begun to implement its Solar 4 All programme, investing $515m in 80MW of solar projects that will help double the state’s solar capacity and create additional green jobs.

Subsidiary of Public Service Enterprise Group Incorporated (PSEG), Public Service Electric and Gas Company (PSE&G) serves nearly three-quarters of the New Jersey’s population.

Copyright © 2009 NewNet

Tags: solar

This story was published on Friday, November 13th, 2009 at 7:02 pm and is filed under North America, deals, solar. You can follow any responses to article entry through the RSS 2.0 feed. You can leave a response, or trackback from your own site.

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