The New Jersey Board of Public Utilities recently extended a key solar financing and installation program. The solar program was implemented by Public Service Electric & Gas, the state’s largest utility company. The goal of the solar financing and installation program is to increase the amount of clean, carbon free energy, create jobs, and drive economic development while helping make New Jersey the leading state for solar power.
The extension of this program is important for municipal, non-profit and commercial buildings looking to save on energy expenses, while utilizing a solar array. The extension of the “Solar 4 All” program will finance 3 megawatts (MW) of solar installations. These 3MWs can be utilized by municipal, non-profit, and commercial buildings and financed through a lease or power purchase agreement (PPA).The solar financing option of a PPA can be beneficial because it allows for the option of a fixed term ranging from 10-20 years, and no upfront costs or worry about the maintenance and monitoring of the solar array.
Although the state is behind California and Arizona for total solar installations, New Jersey was able to install 414.9 MW of solar power this past calendar year. With the support from the state’s legislation and programs like “Solar 4 All”, New Jersey hopes to reach their commitment to have 20% of the state’s energy come from renewable sources like solar by 2020.
