New Jersey is going solar in a major way.
The state’s power company Public Service Enterprise Group Inc. announced on Tuesday that it will request state approval for an investment of almost $883 million in order to expand its existing solar power development programs.
The initiative is intended to create an additional 233 megawatts of solar power capacity for utilities.
“When added to the company’s existing $700 million commitment to solar energy, (PSEG) will have added about 395 MW of solar capacity in (New Jersey),” Caroline Dorsa, PSEG executive vice president and chief financial officer, said on the company’s second-quarter earnings call.
It is worth noting that PSEG has consistently benefited the jobs scenario through its Public Service Electric and Gas (PSE&G) subsidiary, which has managed to generate 175 jobs every year for the past 3 years under the Solar 4 All program.
It has also invested $300 million in order to develop 80 megawatts of solar capacity.
The new proposal will add to this by creating almost 300 jobs each year for the next half decade.
Around $690 million will be used to extend the Solar 4 All program and develop 136 megawatts of solar power, while another $193 million will go into developing 97 megawatts in a third iteration of PSEG’s solar loan program.
The loan program is quite useful and socially beneficial, since so far it has disbursed approximately $177 million, all of which has aided homeowners or businesses in making the transition to solar power.
The Garden State is second only to California in terms of installed solar capacity—775 megawatts compared to California’s gigantic 20,25 megawatts.
Approximately 75 percent of PSEG’s power is projected at around $58 per megawatt hour through 2012, while around 60 percent is estimated to be at $54 through 2013. For 2014, around 30 percent is estimated to run at $54 through the year.