May 01, 2009 | 1 Comments
New Jersey, United States [RenewableEnergyWorld.com] Certified Steel, Nexus Properties and SunPower Corporation have reached agreement to build a 1.2-megawatt (MW) solar power system at the Certified Steel Company facility in Hamilton, New Jersey. The system, which is expected to be complete in July, will be the largest installation financed by PSE&G's solar loan program to date.
"The Solar Loan Program has provided a level of economic certainty that does not otherwise exist in the marketplace." -- Andrea Sussman, Managing Member, Nexus Properties
SunPower said that the system is expected to generate the equivalent of nearly 100 percent of the power required by the 330,000-square-foot full line steel service center. Approved by New Jersey's Board of Public Utilities in April 2008, the two-year pilot solar loan program allows PSE&G, the regional utility provider, to offer a loan to interested parties installing solar panels at their facilities.
The loans can finance up to 60 percent of the cost of solar-panel installation. Under the agreement, Certified Steel will repay its loan with the renewable energy credits (SRECs) generated by the system.
"We are proud to take a leadership role in sustainable development, and have enjoyed the cooperation of the BPU and PSE&G," said Andrea Sussman, managing member of Nexus Properties, the developer for the project. "The Solar Loan Program has provided a level of economic certainty that does not otherwise exist in the marketplace. Moving forward, we envision similar programs that foster private investment in solar power projects and help the state of New Jersey reach its renewable energy goals."