The New Jersey Board of Public Utilities (BPU) voted to extend two existing solar programs by Public Service Electric and Gas Co (PSE&G).
The board approved the expansion of the Solar Loan III and Solar 4 All Extension programs. Both will support long-term contracts and development on landfills and brownfields.
Through the Solar Loan III program, PSE&G will provide up to $193 million in 10-year loans for 97.5 MW of new solar projects throughout the service territory. Through the Solar 4 All program, PSE&G will own and operate solar, with 42 of the approved 45 MW to be built on landfills and brownfields, a decrease from the original 136 MW plan.
“Today’s decision by the BPU will certainly help New Jersey reach the goals that Governor Christie laid out in his Energy Master Plan,” said Katie Bolcar Rever, director for Mid-Atlantic States at the Solar Energy Industries Association (SEIA). “First, it begins to address the volatility in the SREC market by providing for 97.5 MW of long-term SREC financing – for about 13 percent of the additional market in the next three years. Secondly, by allowing PSE&G to invest directly in solar projects on brownfields and landfills, the BPU is placing a high priority on solar development on these lands.”
According to SEIA’s latest U.S. Solar Market Insight report, New Jersey is ranked third among states in terms of total installed solar capacity.
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