The investment planned will be spent over a period of three years, against its previously planned five years.

Of its total investment, the company will invest $247m on 42MW of solar farms of grid-supply solar-energy systems, to be located on
brownfields and landfills.

It will further use the funds to develop 3MW of smaller projects on parking lots, as part of grid-security projects.

PSEG also plans to invest nearly $199m to build a 97.5MW of new sun-powered systems through a solar loan program for homes
and businesses launched across the state.

The investment proposal of the company is currently subject to public comment with New Jersey Board of Public Utilities expected to issue a decision by 31 May 2013.