| July 9, 2009 |
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Having just celebrated July 4th, it is interesting to reflect that many of the heroic events that forged our nation took place in New Jersey. Many historians regard Washington’s crossing of the ice-choked Delaware River with his small army to win the battle of Trenton on December 26, 1776, as the turning point of the American Revolution.
More than two centuries later, New Jersey can be a leading scene of another revolution – this time, a clean energy revolution to improve our nation’s energy security, create jobs and protect the health of our planet.
With its high-tech economy and skilled workforce, New Jersey has long embraced innovation. Our state is doing it again to be in the forefront of efforts across the nation to develop a clean energy industry.
The solar power sector is a good example. Solar capacity increased by 25 percent countrywide in 2008, with the Garden State helping fuel this growth. New Jersey has the second most solar installations of any state – behind only California.
PSEG is playing a major role in helping foster solar power – and is eager to play an even larger role.
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We are pursuing solar investment in three ways:
PSE&G Solar Loans -- In difficult times, it is hard to exaggerate the importance of access to financing. PSE&G is offering loans for up to 60 percent of the cost of solar installations (which can be paid back with solar renewable energy credits earned by the project). When coupled with generous tax credits and the prospect of lower electric bills over many years, these investments may be among the best a business or homeowner can make. And solar loans provide opportunities for municipalities, too.
PSE&G Solar 4 All – Solar energy is still in an early stage of development, and much more needs to be done to accelerate its growth. PSE&G has proposed a series of programs to spread the benefits of solar power. These efforts would include installing solar panels on 200,000 utility poles, on PSE&G property and on brownfields and other underutilized land. We are urging our regulators to allow us to proceed with these investments as soon as possible.
PSEG Solar Source – We established this competitive solar development subsidiary to help companies in New Jersey and beyond meet their solar energy needs. This business will focus on developing large-scale solar gardens and farms, generally of at least two megawatts in size.
New Jersey had a pivotal role in the American Revolution…and can do its part once again to meet the challenges of our time, including by speeding the solar revolution.
What’s your view? Please let us know at Opinion@PSEG.com.
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