PSE&G

PSE&G's Solar Loan I
In April 2008, the BPU authorized Public Service Electric and Gas (PSE&G) to launch a program that will provide about $100 million in loans to install solar systems on homes, businesses and municipal buildings. The loans will be repaid to the utility through revenue provided by the sale of Solar Renewable Energy Credits (SRECs) from the financed projects.

PSE&G's Solar Loan I program is implemented across all customer classes within PSE&G's electric service territory, with segments for residential, multi-family/ affordable housing, municipal/ not-for-profit, and commercial/ industrial (C&I) customers. The borrowers will repay the loans with SREC or cash. For the purpose of this program, the SRECs have an established floor value per SREC during the loan repayment period. The value will not drop below the floor value, but could be higher if the SREC market price goes above the floor price. The borrower will repay the loan over a 15 year period. For consumer loans the repayment period will be 10 years. Current floor value prices can be found at the PSE&G Solar web site.

Loan applications will be accepted on a first-come, first serve basis until 30 MW of projects have been developed or 2 years have expired, whichever comes first. The loan will provide financing for a portion of the overall project cost.

Supporting Documents

PSE&G's Solar Loan II
In November 2009, NJBPU extended PSE&G's solar financing program to Solar Loan II. Modeled after Solar Loan I, Solar Loan II will help financing an additional 30 MW of new solar capacity. Loan applications will be accpected on a quarterly basis, with eight application periods over a two year period.

Supporting Documents

PSE&G's Solar 4 All
In July 2009, PSE&G received approval for their Solar 4 All program. Under Solar 4 All, PSEG&G will invest $515 million in 80 MW of solar projects by the end of 2013. The program has two segments, each 40 MW in size.

The first segment consists of installing a solar unit (small distributed solar system of approximately 200 watts) on 200,000 utility poles in PSE&G's service territory. The solar unites will be connected directly into PSE&G's electric distribution grid. The contract for the supply of the 200,000 pole-attached units has been awarded to New Jersey-based Petra Solar. With headquarters in South Plainfield, Petra Solar has committed to making the solar units in New Jersey and expects to hire more than 100 employees to meet the needs of the contract.

The second segment will focus on centralized solar, with PSE&G developing solar gardens and roof-top installations on facilities it owns and also at third-party sites. The largest will be development of 25 MW of solar gardens or rooftop installations at PSE&G owned sites. PSE&G will work with solar developers to install 10 MW of solar on third-party sites and 5 MW in municipalities that have New Jersey Urban Enterprise Zone (UEZs) within PSE&G's electric service area.

In January 2010, PSE&G identified four PSE&G owned facilities for over $50 million in investment in 12 MW of solar energy. Facilities include Edison, Hamilton, Linden, and Trenton sites. Third party host site applications are currently under review and UEZ host sties are in negotiations.

Supporting Documents

RENEWABLE ENERGY

Program Updates

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