New Jersey Solar Loan Program Funded Through 2012

Last November, New Jersey regulators approved a proposal from utility Public Service Electric and Gas to expand its solar loan program by $143 million and 51 megawatts. What does this mean to New Jersey home and business owners seeking to install photovoltaic systems to defray heating and electricity costs? A lot.

The program expansion brings the loan totals up to a projected $248 million, which means about 81 megawatts worth of solar systems have become available across the state. Even municipalities are getting in on the action, converting publick works such as streetlamps and city buildings over to solar power.

The first loan program approved by PSEG for installing photovoltaic panels kicked in back in April 2008. The program resulted in about $105 million in loans (30 megawatts worth of solar systems) being applied for. This new expansion falls under new regulations, and is expected to kick start another wave of interest in PV by residents of New Jersey.

The Solar Loan II Program is expected to run for 2 years or until an additional 51 in solar systems have been installed; people who apply for the loan can expect to have half the cost of a photovoltaic system installation covered. The 10-year loans for residential homeowners, and 15-year loans for commercial or municipal customers can be repaid in cash or via earned Solar Renewable Energy Certificates (SRECs).

Since SRECs currently trade upward of $600 in New Jersey, this allows the loans to be paid pack with virtually no burden on the loan holder, edpending on the size of system installed.The second half of photovoltaic system costs may also be covered in part by New Jersey Clean Energy Program rebates and federal tax credits or grants.

Arosa Solar is doing its part to install as many solar systems as possible while the loan program exists, creating custom photovoltaic systems for home and businesses in the New Jersey area.

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