Solar

Solar Energy Industry Supports PSE&G Solar Initiative

The Mid Atlantic Solar Energy Association (MSEIA) announced its support for PSE&G’s Solar Initiative to advance the deployment of solar electric systems in the utility’s service territory.

Phase I of the Initiative, filed April 19 by PSE&G with the State’s Board of Public Utilities (BPU), calls for an investment by PSE&G of approximately $100 million over the next two years to finance installation of solar systems on homes, businesses and public buildings throughout the PSE&G service territory. If approved by the BPU, Phase I of the program should lower the overall cost of financing solar energy systems and would help fund installation of 30 megawatts (MW) of solar power, or about one-half of the state-mandated renewable portfolio standard requirement in PSE&G’s service territory in the years 2008 through 2010. If Phase I is successful, the program may be expanded to help achieve the goal of the New Jersey Renewable Portfolio Standard (RPS) to install approximately 1500 MW of solar electricity by 2020. Under New Jersey law, all suppliers of electricity assure that a specified percentage of their power comes from renewable sources including solar. This RPS increases every year — suppliers can meet it by either producing the power themselves, or purchasing Solar Renewable Energy Certificates (SRECs) from others who produce the solar power. In announcing MSEIA’s endorsement, President Thomas Leyden said, “We commend PSE&G for its willingness to think creatively and long term. This program aligns the interest of PSE&G, the solar industry, and ratepayers by marrying PSE&G’s long term capital with solar’s long-term generation of clean energy, producing reliable and financially attractive solar electricity for ratepayers.” Representatives of both organizations as well as PV NOW, a consortium of photovoltaic panel manufacturers, participated in the discussions with PSE&G.