On Tuesday, the New Jersey Board of Public Utilities (”BPU”) approved PSE&G’s $105 million Solar Loan Program, which will provide $105 million towards financing photovoltaic systems across residential, multi-family/affordable, commercial, industrial, and non-profit/municipal buildings throughout New Jersey. The program will distribute loans to projects totaling 30 megawatts in solar power generation over the next two years on a first-come, first-served basis, though caps do exist for each sector. (For example, only 3 megawatts are available for affordable housing projects). Participants will pay back the loans, which will cover 40 to 60 percent of installation costs, either with cash or through Solar Renewable Energy Certificates (”SRECs”)- tradable certificates issued by BPU each time a solar power system generates 1 megawatt-hour of power (i.e., the amount of energy equivalent to a 1 megawatt power system running for one hour).
April 11th, 2008 | Stephen Del Percio | 1 comment | Continued