New Jersey Utility Offers $105 Million in Solar Loans

New Jersey's Public Service Electric and Gas Company (PSE&G) is now offering up to $105 million in loans for the installation of solar photovoltaic systems. The New Jersey Board of Public Utilities (BPU) approved the loan package in early April to support the development of 30 megawatts of solar power installations throughout the utility's service area, helping the utility to meet about half of its solar energy requirement for 2009 and 2010. For now, the loans are only available for non-residential customers, but the program will be expanded to residential customers in the future. PSE&G will provide loans to cover roughly 40%-60% of a solar project's costs, offering 10-year loans for residential systems and 15-year loans for non-residential systems. According to PSE&G, the non-residential loans are currently being offered at an interest rate of 11.11%. New Jersey's Public Service Electric and Gas Company (PSE&G) is now offering up to $105 million in loans for the installation of solar photovoltaic systems.

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