Green Investing | July 30, 2009 |
PSE&G Receives Approval for $515M Solar Plan
New Jersey-based utility PSE&G (NYSE: PEG) has received regulatory approval to invest $515 million collected from ratepayers in 80 megawatts (MW) of solar projects.The New Jersey Board of Public Utilities (BPU) reduced the company's original plans from $773 million for 120 MW, and nixed plans for solar panels on government buildings.
The program, called Solar 4 All, has two segments, each 40 MW in size. If completed, it will double the states current solar power capacity.
The first segment consists of installing small solar units on 200,000 utility poles in PSE&G's service territory. It will be the largest pole-attached solar installation in the world. The solar units will be connected directly into PSE&G's electric distribution system and the power will be sold into the PJM wholesale grid.
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.
PSE&G also announced today that it awarded the contract for the supply of the 200,000 pole-attached units to New Jersey-based Petra Solar. With headquarters in South Plainfield, Petra Solar has committed to make the solar units in New Jersey and expects to hire more than 100 employees to meet the needs of the contract.
PSE&G will receive federal tax credits and solar renewable energy credits, which will also be used to offset the cost to customers. PSE&G estimates that this program will cost its average residential customer about 10 cents a month in the first year of the program.
PSE&G recentlly began offering $105 million in loans to help finance the installation of 30 MW of solar power on homes, businesses and municipal buildings throughout its electric service area.
Website: www.pseg.co
Reprinted with permission from Sustainable Business
Reddit
Digg
Stumble
ShareThis
Comments By Readers
It is great that New Jersey is taking a lead in the Solar Energy field. I work with Sharp and we know how important it is for everyone to get involved in the reusable energy world. Pricing has never been lower and with so many federal, state and utility company incentives many can afford to install <a href="http://www.sharpusa.com/SolarElectricity/SolarProducts/ResidentialSolarProducts.aspx>Solar Panels For Home</a> use. We have a wonderful product line and have been involved in research with Solar Energy for almost 50 years. If you are interested - please check out our product line.
Governor Christie Pulls out of Regional Greenhouse Gas Initiative RGGI Posted on May 26, 2011 by Michael Flett| Leave a cemomntNew Jersey Governor Chris Christie announced today that ? We (New Jersey) will withdraw from RGGI in an orderly fashion by year?s end?. This news is coming in front of a summer release of an amended Energy Master Plan for NJ. It is suspected that the major focus of the future for electricity generation in New Jersey will be on natural gas with a commitment to wind and solar. Major initiatives will be put on energy efficiency with the use of combined heat and power. Pulling out of RGGI will potentially allow for a more concentrated investment approach while reducing RGGI costs to ratepayers. New jersey has a robust market for the development of solar by homeowners, business?s and municipalities. This market, which enables individual ownership of solar generation with an accelerated payback associated with a competitive REC market, has been hugely successful in spurring investment in the small sliver of power generation required from solar. The RGGI model differed by focusing on giving out lump sums of money towards all facets from energy development to energy assistance for the poor. During the last year New York and New Jersey siphoned RGGI money off to help fill budget deficits. A similar system to SRECs would spur investment in wind and combined heat and power. This would help New Jersey produce enough power in the future without building more coal plants. A pull-out of RGGI would allow New Jersey to self tailor investment toward these new clean energy goals. RGGI funds were not used to the fullest potential previously. The same amount of money invested with a competitive REC market will go allot further. Private investment would take the risk while public support via a REC model. Ratepayers benefit in the long run because the price of the SRECs always track the lowest cost installations over time.Posted in: Research, RGGI
Post Your Comment