Hackensack, N.J., September 14, 2012 — PSEG chairman, president and CEO Ralph Izzo has announced that the utility will request New Jersey Board of Public Utilities approval to invest up to $883 million to expand the utility's Solar 4 All and solar loan programs to develop an additional 233 MW of solar capacity.
The 1.06-MW PSEG Hackensack Solar Farm is part of the utility's Solar 4 All program that is helping New Jersey meet its renewable energy goals in a cost effective manner while creating jobs and helping the state's green energy sector mature.
When the current Solar 4 All program is complete early next year, PSEG will have created about 175 direct jobs each year for the last three years and spent $300 million with more than a dozen companies that are either headquartered or have a presence in New Jersey while developing 80 MW of solar capacity.
PSEG's new solar proposal will call for investing up to $690 million to develop another 136 MW through its Solar 4 All program to build more grid-connected solar projects on landfills, brownfields and other underused properties (90 MW), on warehouse roofs (20 MW) and on large parking lots (25 MW). There is also a 1MW pilot program for solar projects that test and demonstrate emerging solar technologies such as solar energy storage.
The company also is seeking to help develop another 97 MW through the third installment of its Solar Loan program. This investment, that will help finance solar systems on homes and businesses in PSEG's electric service territory, could total up to $193 million, depending on the price of solar renewable energy credits.
PSEG's solar loan program has made $177 million of financing available through mid-July 2012 that have helped homeowners and businesses develop 735 installations totaling 55 MWs of solar capacity. Through its Solar 4 All program, PSEG will have 80 MW of solar capacity in service by early 2013 through 24 centralized solar installations.