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Why did PSE&G initiate the Solar Loan Program? At PSE&G, we’re committed to doing our part to save energy, slow global warming, and reduce our dependence on foreign oil. What’s more, as New Jersey’s largest utility, PSE&G is uniquely positioned to provide the capital resources needed to implement this program. (Back to Top)
Who is eligible to participate? All PSE&G residential, business, municipal, and non-profit electric customers can take advantage of the Solar Loan Program, provided they meet the minimum credit requirements and the solar power systems are installed within PSE&G’s electric service territory. (Back to Top)
What is the loan interest rate? The interest rate on a 15-year non-residential loan is 11.11%. Keep in mind, too, that the loan repayment period is considerably longer than most traditional lenders allow for solar PV installations.
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What advantages does the Solar Loan Program have over a bank loan? Unlike bank loans, which must be repaid in cash, Solar Loans can be automatically repaid through Solar Renewable Energy Certificates (SRECs). What’s more, you may be eligible for valuable tax credits and incentives that may further offset the cost of your solar power installation (ask your Installer/Developer or Tax Advisor for details).
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What exactly is a Solar Renewable Energy Certificate (SREC)? An SREC is a clean energy credit issued in the form of a tradable certificate by the New Jersey Board of Public Utilities (BPU). Every time your solar power system generates 1,000 kWh (1 MWh) of power, you earn one SREC, the value of which is applied to the balance of your loan. Under the PSE&G Solar Loan Program, SRECs are valued at $475 or market price, whichever is higher. (Back to Top)
When do SRECs start accumulating? SRECs start accumulating on the day your solar power system is connected to your electric service. PSE&G will track your SRECs through the system output meter. (Back to Top)
Will I still be eligible for New Jersey Clean Energy Program™ rebates? Non-residential customers who participate in the PSE&G Solar Loan Program cannot receive NJ Clean Energy Program solar rebates.
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What other incentives are available for solar installations? Participants may also be eligible for valuable tax credits and incentives that may further offset the cost of the solar power installation. Participants should ask their solar installer/developer or tax advisor for details.
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What happens if I sell my business? Generally, the loan is repaid at closing, or in some cases, the ownership of the solar energy system – and the SRECs it generates – transfers to the new owner. Please visit www.pseg.com/solarloan for more details.
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Who keeps track of the SRECs you earn? PSE&G monitors the SRECs generated by your system through the system output meter and obtains meter readings every month. (Back to Top)
Will my solar electric system continue to operate if PSE&G experiences an electric outage? In most cases, the solar electric system is shut down in order to protect the utility workers restoring power. However, some system designs include isolation circuitry that will allow continuous operation. (Back to Top)
What steps should I take if I am interested in getting started with solar? The first step is to obtain several proposals from solar installers/developers. Also, visit www.pseg.com/solarloan which contains important information about the loan program, including application instructions and forms.
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Whom should I contact with questions? Visit www.pseg.com/solarloan or call the Solar Loan Program at 973-430-8460. (Back to Top)
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