New Jersey Board of Public Utilities approves PSE&G’s $446m solar plan

The Board of Public Utilities (BPU) has granted approval for $446m solar power production plan outlined by Public Service Electric & Gas (PSE&G) based in the US state of New Jersey.

PSE&G was given the nod during the board meeting held on 29 May 2013 at Trenton, New Jersey, to decide the extension of its Solar Loan III and Solar 4 All Extension programmes.

Commenting on the programme, BPU Commissioner Robert Hanna told nj.com that the proposed plans would boost the state’s efforts to boost solar energy on brownfields and landfills in line with customer needs.

"These projects can be done and they can be successful," Hanna noted.

The proposal comprises two plans, first of which includes $247m extension of Solar4All (S4A) programme through 2016 seeking solar installations on unused landfills and former industrial sites.

Second part comprises investment of $200m to extend solar loan programme through 2017 to provide benefits to residential and business customers.

Meanwhile, Solar Energy Industries Association (SEIA) has welcomed the move by New Jersey Board of Public Utilities (BPU) to aid the solar energy development within the state.

SEIA Mid-Atlantic States director Katie Bolcar Rever stated: "Today’s decision by the BPU will certainly help New Jersey reach the goals that Governor Christie laid out in his Energy Master Plan.

"First, it begins to address the volatility in the SREC market by providing for 97.5MW of long-term SREC financing – for about 13% of the additional market in the next three years," added Rever.

"Secondly, by allowing PSE&G to invest directly in solar projects on brownfields and landfills, the BPU is placing a high priority on solar development on these lands."

However, we should keep in mind that utility-direct investment is just one way in which regulators and policymakers can direct solar development in New Jersey."