By Joseph Bebon | Solar Industry
On May 29, the New Jersey Board of Public Utilities (BPU) officially signed off on Public Service Electric and Gas Co.’s (PSE&G) proposal to invest up to $446 million in new solar installations throughout the state.
The utility initially sought over $880 million, but the two parties eventually agreed on more than half of that in April. PSE&G will use the new funds to extend two of its solar financing initiatives: the Solar Loan and Solar 4 All programs.
PSE&G plans to lend customers about $200 million over three years to support 97.5 MW of new solar installations under the Solar Loan III program. In addition, the utility will spend $247 million over five years to build 42 MW of new solar installations on brownfields and landfills, as well as 3 MW in pilot projects, under its Solar 4 All program.
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If you’d like to discuss energy issues, contact Court Rich, Co-Chair of Rose Law Group’s Renewable Energy Department at crich@roselawgroup.com
