PSE&G, the New Jersey utility, has publicly commended action taken today by the state's Board of Public Utilities (BPU) aimed at spurring additional investment in solar energy.
‘While the company needs to review the details of the Board's decision, we support the BPU's initiative to create a more robust, yet stable, market for solar energy,’ says Ralph Izzo, chairman, president and chief executive officer of PSEG, PSE&G's parent company. ‘The transition from a program based solely on rebates to one that relies on tradable solar renewable energy certificates (SRECs) is a step in the right direction, and it should help the state meet its aggressive renewable energy goals.’
PSE&G made a proposal in April to invest up to $100 million to help finance the installation of solar systems on homes, businesses and municipal buildings throughout its service area. Under its proposal, PSE&G would be repaid with SRECs, which have value in the energy marketplace. The proposal is still pending BPU review and approval.
