NJRCEV will invest nearly $23.7m for the solar power project, and has contracted with American Capital Energy to develop the project.
In addition, the company is working with PJM Interconnection and the Vineland Municipal Electric Utility to serve the wholesale market with the power produced by the solar array.
The solar array is expected to produce 7.2 million kWh annually, eliminating nearly 4,953 metric tons of carbon equivalent emissions from the atmosphere per year.
NJRCEV said investments made by the company will qualify for a 30% federal investment tax credit.
In addition, the energy produced will be eligible for solar renewable energy certificates, which can be sold to Load Serving Entities in New Jersey to meet their renewable energy requirements.
Additional return on investment will be provided by the sale of electricity to the wholesale market.
New Jersey Resources chairman and CEO Laurence Downes said the new commercial solar project will incorporate the use of a single axis tracking system.
"This tracking system will provide 20% to 25% greater energy output compared to a fixed-tilt racking system," Downes said.
American Capital Energy is a solar engineering, procurement and construction contractor.
