Posted on Tue, Nov. 10, 2009
Public Service Electric and Gas Co. received approval today to provide $143 million in loans to finance the installation of small-scale solar energy systems.
The New Jersey Board of Public Utilities approved PSE&G's plan to lend developers or customers about half the cost of installing solar systems no larger than 500 kilowatts (a typical residential system is 7 kilowatts).
Loan recipients will be able to repay the debt with the money received by selling renewable energy credits earned by the solar generators. The costs of the loan program will add about 36 cents to a residential customer's annual bill.
The loans are an expansion of a $105 million program initiated last year and will finance the addition of 51 megawatts of solar capacity to the system, the company said.
Details are available on the utility's Web site.
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