NJRCEV has signed an agreement with the Village at Manalapan Solar, an affiliate of Spano Partners, to lease a 13-acre site for a period of 21 years in Manalapan, for the $18m solar power project.
The solar system is expected to become operational this year, and will generate enough electricity to power 450 homes annually.
New Jersey Resources expects that investments made by NJRCEV will qualify for a 30% federal investment tax credit, and the energy produced will be eligible for solar renewable energy certificates.
New Jersey Resources also said the additional return on investment will be provided by the sale of electricity to the wholesale market.
