Public Service Enterprise (PEG) is expanding its utility solar base. Its subsidiary Public Service Electric and Gas Company (PSE&G) received approval from the New Jersey Board of Public Utilities for an additional $143 million for its ongoing solar loan program. This will help the company finance the installation of an additional 51MW of solar energy systems in homes, businesses and municipal buildings throughout its electric service area New Jersey.
PSE&G is a regulated public utility company primarily engaged in the transmission and distribution of electricity and gas in New Jersey. It serves approximately 2.1 million electricity customers and 1.7 million gas customers in the region.
Since the utility’s initial Solar Loan Program was approved by the New Jersey Board of Public Utilities in April 2008, customers have applied for loans totaling $105 million that would result in 30MW of installed solar capacity. In addition to the loan program, PSE&G has begun to implement its Solar 4 All program, investing $515 million in 80MW of solar projects that will help double New Jersey’s solar capacity.
The utility is installing solar panels on 200,000 utility poles and street lights in about 300 communities spread across the state of New Jersey. PSE&G will also develop solar gardens and roof-top installations on facilities it owns and at third-party sites.
Public Service Enterprise, based in Newark, New Jersey, is a diversified utility holding company. Its operations are mostly located in the Northeastern and Mid-Atlantic parts of the U.S. Public Service Enterprise principally operates through three key subsidiaries: Public Service Electric and Gas Company (PSE&G), PSEG Power LLC (PSEG Power) and PSEG Energy Holdings LLC (PSEG Energy).
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