The company officially launched the residential program after making a compliance filing with the New Jersey Board of Public Utilities. The program, reportedly the first of its kind in the US, is expected to help homeowners install solar energy systems in their homes, enabling them to take an active part in reducing greenhouse gases.
The residential component of the program follows the successful implementation in April 2008, of a solar investment program for non-residential customers. A total of $105 million in loans is available to Public Service Electric and Gas’s (PSE&G) electric customers.
After obtaining agreement from a collaborative stakeholder group on loan documents for the residential customers, PSE&G is ready to begin accepting residential applications.
Under the new program, residential electric customers in single-family homes may qualify for these loans to borrow 40% to 60% of the total cost of a solar installation project, depending upon the efficiency of the solar system.
PSE&G would provide the loans directly to customers.
The remainder of the project cost is funded by the customer, who may also take advantage of other financial incentives that may be available such as the federal tax credit.
