PSE&G to Provide Solar Loans ($105 M, New Jersey)

http://www.renewableenergyworld.com/rea/news/story?id=52132

Public Service Electric and Gas Company (PSE&G) has received approval from the New Jersey Board of Public Utilities (BPU) to begin offering US $105 million in loans to help finance the installation of solar systems on homes, businesses and municipal buildings throughout its electric service area.

Initially the program will only be available to non-residential customers. PSE&G needs approval from the NJ Department of Banking and Insurance to provide direct loans to residential customers. There are also plans to review residential loan documents with a group of stakeholders before the program is offered to residential customers.

"Now that the Board has approved our proposal, we will move as quickly as possible to begin offering solar loans to developers and customers," said Ralph LaRossa, president and COO of PSE&G. "We welcome this new opportunity to play a strong role in meeting the state's aggressive renewable and conservation goals, and reduce carbon emissions."

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