PSE&G's Innovative Solar Loan Program Now Available to Residential Customers (NJ)

[jpak]

http://www.marketwatch.com/news/story/psegs-innovative-solar-loan-program/story.aspx?guid=%7BCCA47E2D-DF85-46C2-8C72-7348E126A7DB%7D&dist=hppr

NEWARK, N.J., July 16, 2008 /PRNewswire-FirstCall via COMTEX/ -- Public Service Electric and Gas Company (PSE&G) today announced that it will begin offering its innovative solar loan program to residential customers tomorrow. The company officially launched the residential program after making a compliance filing with the New Jersey Board of Public Utilities. The program, the first of its kind in the country, will help homeowners install solar energy systems on their homes, enabling them to take an active part in greening their homes and reducing greenhouse gases.

The residential component of the program follows the successful implementation in April of a solar investment program for non-residential customers. A total of $105 million in loans is available to PSE&G's electric customers. After obtaining agreement from a collaborative stakeholder group on loan documents for the residential customers, PSE&G is now ready to begin accepting residential applications.

"These loans will permit our residential customers to have easier, more affordable access to financing the installation of solar energy systems," said Ralph LaRossa, president and COO of PSE&G. "This residential loan program will further spur investment in solar power in New Jersey and help meet the state's goal of having 20 percent of the state's energy needs generated from renewable sources by 2020."

Under the new program, residential electric customers in single family homes may qualify for these loans to borrow 40 to 60 percent of the total cost of a solar installation project, depending upon the efficiency of the solar system. PSE&G would provide the loans directly to customers. The remainder of the project cost is funded by the customer, who may also take advantage of other financial incentives that may be available such as the federal tax credit.

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[pleah]

1. K&R I would like that program here in

Mississippi but, MS is usually last in most everything. sigh...