The company received an Industry Innovation award from the Solar Energy Industries Association (SEIA) to honor a company that is at the forefront of efforts to expand renewable generation and reduce carbon emissions. SEIA is the national trade group that represents the U.S. solar energy industry.
PSE&G was recognized for its efforts to help achieve New Jersey's aggressive Energy Master Plan goals to reduce projected energy use and generate 30 percent of its electricity from renewable sources by 2020, including 1800 megawatts of solar energy generation.
"By thinking innovatively and challenging the status quo, PSE&G is maximizing the potential of existing renewable energy incentives to break down barriers for consumers wanting to install solar while growing the economy and creating jobs," said Rhone Resch, SEIA president and CEO.
"It may seem surprising for New Jersey to be moving faster than some other states that have more sun and greater space than we have available," said Ralph LaRossa, president and COO of PSE&G. "But we expect New Jersey to become a hot market for solar manufacturers, developers and installers and we are pleased that the solar industry has recognized our programs and our efforts to expand the market."
"Renewables including solar will go a long way toward helping us meet the nation's goals for energy and carbon reduction. At the same time the rapidly expanding solar industry will create much needed jobs," LaRossa added.
Under PSE&G's Solar Loan Program, approved by the New Jersey Board of Public Utilities (BPU) in 2008, the company is investing $105 million over two years to help finance the installation of 30 MW of solar systems for businesses and homeowners. The commercial and industrial segment of the program is fully subscribed at 28 MW and the utility has submitted an application to the BPU to expand the program by an additional 40 MW. To date, loans totaling $10.5 million for 2.8 MW of solar capacity have closed and are in service.
The company was also recognized for its Solar 4 All program which, if approved by the BPU, would provide a $773 million investment for 120 megawatts of solar power to customers throughout its service territory. The utility would own and operate the grid-connected solar energy systems, collaborating with developers and manufacturers to develop the projects. SEIA found particularly innovative PSE&G's plan to install solar devices on 200,000 utility poles and street lights in its service territory, bringing the benefits of solar to all its customers.
Public Service Electric and Gas Company (PSE&G) is New Jersey's oldest and largest regulated gas and electric delivery utility, serving nearly three-quarters of the state's population. PSE&G is the winner of the ReliabilityOne Award for superior electric system reliability. PSE&G is a subsidiary of Public Service Enterprise Group Incorporated (PSEG) (PEG), a diversified energy company.