On July 16, 2008, PSEG announced that it is now offering residential customers access to its innovative solar loan program. This program, which can accommodate about 900 residential customers for a total of 6 MW of solar generation, is one of the first of its kind in the U.S. This program permits qualified residential customers to borrow 40 to 60 percent of the total cost of a solar installation project, depending upon the efficiency of the system. This two-year program is on a first-come, first-serve basis, and the loans may be repaid using the solar renewable energy credits—currently valued at the higher of $475 each or market value. PSEG also has a similar program for its business, municipal, non-profit, and multi-family customers.
