New Jersey-based utility PSE&G (NYSE: PEG) has received regulatory approval to invest $515 million collected from ratepayers in 80 megawatts (MW) of solar projects.
The New Jersey Board of Public Utilities (BPU) reduced the company’s original plans from $773 million for 120 MW, and nixed plans for solar panels on government buildings.
The program, called Solar 4 All, has two segments, each 40 MW in size. If completed, it will double the states current solar power capacity.
The first segment consists of installing small solar units on 200,000 utility poles in PSE&G’s service territory. It will be the largest pole-attached solar installation in the world. The solar units will be connected directly into PSE&G’s electric distribution system and the power will be sold into the PJM wholesale grid.
The second segment will focus on centralized solar, with PSE&G developing solar gardens and roof-top installations on facilities it owns and also at third-party sites.
PSE&G also announced today that it awarded the contract for the supply of the 200,000 pole-attached units to New Jersey-based Petra Solar. With headquarters in South Plainfield, Petra Solar has committed to make the solar units in New Jersey and expects to hire more than 100 employees to meet the needs of the contract.
PSE&G will receive federal tax credits and solar renewable energy credits, which will also be used to offset the cost to customers. PSE&G estimates that this program will cost its average residential customer about 10 cents a month in the first year of the program.
PSE&G recentlly began offering $105 million in loans to help finance the installation of 30 MW of solar power on homes, businesses and municipal buildings throughout its electric service area.
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