New Jersey utility looks to ramp up residential solar installations
Public Service Electric Gas & Electric, the largest utility in New Jersey, recently announced it hopes to significantly increase its solar power investments, which, although would be at the cost of its customers, would pay off in a short period.
According to the Philadelphia Inquirer, PSE&G, which first grabbed media attention two years ago when it announced its plans to install solar panels on top of utility poles, turned heads again on Tuesday, July 31. The utility proposed to install 136 megawatts of solar photovoltaic systems in the next five years, driven by loans made to residential customers.
Each loan could be paid with the credits they earn for generating their own renewable energy, the media outlet stated.
The program is expected to cost $833 million, however PSE&G says those costs will be recovered through higher electricity rates. This has raised concern among citizens who question if it should be up to ratepayers to fund the project when the state is already ranked second in terms of solar generating capacity.
According to the Solar Energy Industries Association, New Jersey passed a law in late July that will bring stability back to the New Jersey solar market.