New Jersey-based Public Service Electric & Gas Co. (PSE&G) reached an agreement with the New Jersey Board of Public Utilities (BPU) on a proposal to spend $883 million on two solar energy programs in the state. The announcement was made during the company's 2013 first quarter results.
Under the agreement, PSE&G will initially invest up to $199 million on 97.5 MW of new solar as part of the Solar Loan III program. The utility will also invest approximately $247 million to develop 42 MW of solar on landfills, brownfields and 3 MW on smaller pilot programs as part of the Solar 4 All extension. These investments equal $446 million, or more than half of the original request.
The BPU is expected to make a decision no later than May 31.
The company brought the 40 MW Milford and 40 MW Queen Creek solar facilities online in the fourth quarter of 2012, and is scheduled to complete a 19 MW solar project in Arizona late this year.
Read more solar energy news