Business Customers /
Solar Loan Process
Pre-Closing Due Diligence and Closing
Initial Review
When you mail in an application package, PSE&G’s Solar Loan Team will date and time stamp it, review it for completeness, and send you a Deficiency Letter if any information or documents are missing. You will have 30 days to resolve those deficiencies. If your file is complete, you will receive a letter indicating so.
Interconnection Review
We will submit your Interconnection Application to our Building Inquiry department for review. Interconnection means connecting your system to the grid. PSE&G will determine if your project meets New Jersey’s Net Metering requirements and, if so, approve your system for interconnection.
Credit Review
At the same time that your application is being reviewed for interconnection, we will review your credit and income to ensure that you qualify for the Solar Loan using the information and documents you submitted with the application.
Loan Commitment
When your credit and interconnection review have been approved, we will issue a Commitment Letter, which includes the Terms and Conditions for the Loan. You will have 30 days to review, sign, and return the Commitment Letter to us.
Construction and Inspections
Your installer will build the solar system, register it with the New Jersey Clean Energy Program (NJCEP), and have it inspected and approved. Your installer will also arrange for your local municipal inspector to inspect and approve the project. Once the inspector provides your installer with proof of approval, your installer will contact PSE&G so we can install 2 meters. Once your meters are installed, your system is interconnected.
Pre-Closing Due Diligence and Closing
In parallel with your construction and inspections, we will take steps to ensure that we will have a security interest in the solar equipment. You must notify your insurance provider to include the solar equipment on your homeowner’s policy. We must receive the field inspection report from NJCEP and the SREC certification, and have installed the meters in order to close your loan. We will schedule a loan closing and disburse your loan proceeds. We will make a direct payment to your installer if you have directed us to do so. Follow this link to see our closing documentation.
