The funding will reportedly provide a source of stable, secure capital to spur additional investment in solar energy.
Initially the program will only be available to non-residential customers. The Public Service Electric and Gas Company (PSE&G) still needs approval from the NJ Department of Banking and Insurance to provide direct loans to residential customers.
PSE&G reportedly has plans to review residential loan documents with a group of stakeholders before the program is offered to residential customers.
Ralph LaRossa, president and COO of PSE&G, said: Now that the board has approved our proposal, we will move as quickly as possible to begin offering solar loans to developers and customers. We welcome this new opportunity to play a strong role in meeting the state’s aggressive renewable and conservation goals, and reduce carbon emissions.
