The extension will add $143 million in loans and fund 51 megawatts of additional solar power - enough for 45,000 homes, PSE&G officials say. The total value of the program will be $248 million; 81 megawatts of solar energy will be installed as a result.
The extension - actually a new program - will run on a first-come, first-served basis. A similar program in Massachusetts was overwhelmingly popular, running out of funds two years before it was scheduled to end. Massachusetts is hammering out a new plan that would allow homes and businesses to sell their solar power back to utilities.
PSE&G's program, called Solar Loan II, should pay for half of the cost of a solar installation. Loans are repayable on a 10-year basis for residential installations and a 15-year basis for commercial projects.
"We're pleased to do our part to make New Jersey a leader in solar energy installations, second only to California," said PSE&G president Ralph LaRossa.
