NJR Clean Energy Ventures (NJRCEV), a subsidiary of New Jersey Resources, plans to invest up to $23.7 million to develop, own and operate a 4.7 MW ground-mounted solar system in Vineland, N.J. Once complete, the solar installation will provide electricity to the wholesale market through the Vineland Municipal Electric Utility (VMEU).
‘Our latest commercial solar project will incorporate the use of a single-axis tracking system,’ notes Laurence M. Downes, chairman and CEO of New Jersey Resources. ‘This tracking system will provide 20 [percent] to 25 percent greater energy output compared to a fixed-tilt racking system. Increasing the renewable energy generated without changing the system footprint provides the opportunity to utilize our properties more efficiently.’
NJRCEV has contracted with American Capital Energy, a full-service solar engineering, procurement and construction contractor, to develop the project. Additionally, NJRCEV is working with PJM Interconnection LLC and the VMEU to serve the wholesale market with the power produced by the solar array.
Investments made by NJRCEV will qualify for a 30% federal investment tax credit. In addition, the energy produced will be eligible for solar renewable energy certificates that can be sold to load-serving entities in New Jersey to meet their renewable energy requirements. Additional return on investment will be provided by the sale of electricity to the wholesale market, the company adds.