PSEG Offers Solar Loans to Residential Customers

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.

 

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