Newark, NJ, Sept 27, 2007 — PSE&G commended action taken by the New Jersey Board of Public Utilities (BPU) aimed at spurring additional investment in solar energy.
“While the company needs to review the details of the board’s decision, we support the BPU’s initiative to create a more robust, yet stable, market for solar energy,” said Ralph Izzo, chairman, president and CEO of PSEG, PSE&G’s parent company. “The transition from a program based solely on rebates to one that relies on tradable Solar Renewable Energy Certificates (SRECs) is a step in the right direction, and it should help the state meets its aggressive renewable energy goals.”
PSE&G made a proposal in April to invest up to $100 million to help finance the installation of solar systems on homes, businesses and municipal buildings throughout its service area. Under its proposal, PSE&G would be repaid with SRECs, which have value in the energy marketplace. If approved by the board, the funding plan would provide a source of stable, secure capital to spur additional investment in solar energy.
“We’re hopeful that the board will act on our solar proposal,” Izzo said.
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