New Jersey, United States [RenewableEnergyWorld.com] Public Service Electric and Gas Company (PSE&G) has received approval from the New Jersey Board of Public Utilities (BPU) to begin offering US $105 million in loans to help finance the installation of solar systems on homes, businesses and municipal buildings throughout its electric service area.
Initially the program will only be available to non-residential customers. PSE&G needs approval from the NJ Department of Banking and Insurance to provide direct loans to residential customers. There are also plans to review residential loan documents with a group of stakeholders before the program is offered to residential customers.
“Now that the Board has approved our proposal, we will move as quickly as possible to begin offering solar loans to developers and customers,” said Ralph LaRossa, president and COO of PSE&G. “We welcome this new opportunity to play a strong role in meeting the state’s aggressive renewable and conservation goals, and reduce carbon emissions.”
The major components of the program as approved by the BPU include:
- PSE&G’s solar program will be open to all of its electric customers, including low-income, residential, commercial, industrial and municipal/governmental. The solar panels would be owned by the developer or the host customer.
- Applications will be available for two years and accepted on a first-come, first-served basis until 30 megawatts of projects have been developed.
- PSE&G would provide loans to developers or customers to cover approximately 40-60 percent of the cost of a solar installation project, depending on the projected output of the solar energy system and the cost of the system.