April 9

Public Service Electric and Gas Co. has gotten approval from New Jersey regulators to offer $105 million in loans to finance the installation of solar power systems at homes, businesses and municipal buildings.

The utility, a subsidiary of Newark, N.J.-based Public Service Enterprise Group Inc., will offer the loans throughout its electric service area. Initially only nonresidential customers will be able to get loans. The company needs to get approval from the New Jersey Department of Banking and Insurance to provide direct loans to residential customers.

"We welcome this new opportunity to play a strong role in meeting the state´s aggressive renewable and conservation goals and reduce carbon emissions," said Ralph LaRossa, president and chief operating officer of PSE&G.

New Jersey´s is calling for 20 percent of the state´s energy needs to be met with renewable energy by 2020. The state specifically calls for more solar energy in its goals, labeling it a Class I renewable energy supply resource.

E-mail Waste News reporter Joe Truini at jtruini@crain.com

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