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NEW JERSEY SOLAR ENERGY NEWS
NEW JERSEY UTILITY OFFERS OVER $100 MILLION IN LOANS FOR COMMERCIAL SOLAR INSTALLATIONS June 10, 2008 - Based on 7/7/08 article on U.S. Department of Energy's EERE website
New Jersey's Public Service Electric and Gas Company (PSE&G) is offering up to $105 million in loans for the installation of solar photovoltaic systems. The loan package supports the development of 30 megawatts of solar power in the utility's service area, which will help PSE&G meet nearly half of its solar energy requirements for 2009 and 2010. These loans are only available to nonresidential customers, but the program is expected to expand to include residential installations in the future. The loans will cover about 40%-60% of a project's costs. PSE&G has a goal to provide loans for 12 megawatts of solar power at commercial and industrial facilities, 9 megawatts for municipal and not-for-profit facilities, 6 megawatts for residential and 3 megawatts for multi-family and affordable housing units. As of May 5 the loan program has committed to more than 3.1 megawatts of commercial and industrial solar power installations and 330 kilowatts of solar projects for municipal and non-for-profit facilities.
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