PSE&G's Innovative Solar Loan Program Now
Available to Residential Customers
NEWARK, N.J., July 16 /PRNewswire-FirstCall/
Public Service Electric and Gas Company (PSE&G) today announced that it will
begin offering its innovative solar loan program to residential customers
tomorrow. The company officially launched the residential program after
making a compliance filing with the New Jersey Board of Public Utilities.
The program, the first of its kind in the country, will help homeowners
install solar energy systems on their homes, enabling them to take an active
part in greening their homes and reducing greenhouse gases.
The residential component of the program follows the successful
implementation in April of a solar investment program for non-residential
customers. A total of $105 million in loans is available to PSE&G's electric
customers. After obtaining agreement from a collaborative stakeholder group
on loan documents for the residential customers, PSE&G is now ready to begin
accepting residential applications.
"These loans will permit our residential customers to have easier, more
affordable access to financing the installation of solar energy systems,"
said Ralph LaRossa, president and COO of PSE&G. "This residential loan
program will further spur investment in solar power in New Jersey and help
meet the state's goal of having 20 percent of the state's energy needs
generated from renewable sources by 2020."
Under the new program, residential electric customers in single family homes
may qualify for these loans to borrow 40 to 60 percent of the total cost of
a solar installation project, depending upon the efficiency of the solar
system. PSE&G would provide the loans directly to customers. The remainder
of the project cost is funded by the customer, who may also take advantage
of other financial incentives that may be available such as the federal tax
credit.
Financing to support the development of up to 6 megawatts of solar power in
the residential program is available on a first come, first served basis
during the next two years. The loans would be paid off using solar credits
that are created from the solar energy their system produces. The credits,
known as Solar Renewable Energy Credits (SRECs), are valued at a minimum
price of $475 or at market value, whichever is higher, for purposes of loan
repayment.
PSE&G first announced its solar loan program this April when it began
financing 24 megawatts of solar energy systems to business, municipal,
non-profit and multi-family customers and is already showing early success.
The residential component provides an additional 6 megawatts of solar
systems into the marketplace, specifically for homeowners.
"The program initially offered to our non-residential customers has already
proved very successful, with applications received for nearly half the
megawatts available under the plan," said Alfredo Z. Matos, PSE&G's vice
president for renewables and energy solutions.
"We anticipate the residential segment of the plan to be equally popular,"
Matos said. "Customers love the idea of repaying the loan with solar credits
generated by their solar systems in lieu of cash repayments. By installing
solar electric systems on their homes, residential customers will be
actively participating in the fight against global warming and reducing
their utility electric bill. Solar power is a clean and now an affordable
renewable source of energy.
"We have received hundreds of inquiries from homeowners interested in
participating in the residential segment when we announced the initial
offering in April," Matos said. "This clearly demonstrates society's
interest in solar systems. When you couple that with a good loan program
that helps transition the solar market into a fully competitive market, we
all win."
PSE&G anticipates that about 900 residential applicants can be covered by
the 6 megawatts of loans available to residential customers.
Customers wanting information about PSE&G's solar loan programs should visit
http://www.pseg.com/solarloan. They may also send an email to solarloan@pseg.com
or call the Solar Loan program at 973 430-8460.
Public Service Electric and Gas Company (PSE&G) is New Jersey's oldest and
largest regulated gas and electric delivery utility, serving nearly
three-quarters of the state's population. PSE&G is the winner of the
ReliabilityOne Award for superior electric system reliability. PSE&G is a
subsidiary of Public Service Enterprise Group Incorporated (PSEG) , a
diversified energy company (http://www.pseg.com/).
Public Service Electric and Gas Company (PSE&G)
CONTACT: Karen Johnson or Bonnie Sheppard, +1-973-430-7734, PublicService
Electric and Gas Company
Web site: http://www.pseg.com/
http://www.pseg.com/solarloan
|