Green Power for Your Home Gets a Little More Affordable, in New Jersey
by Matthew McDermott, Brooklyn, NY on 07.24.08
photo by Richard Masoner
One of the easiest ways for homeowners to reap the benefits of solar power, with a minimum of up-front costs is to enroll in a lease agreement such as offered by Solar City or Helio. However, this sort of plan isn’t available everywhere, and some homeowners would prefer to own their system outright. For those people in the latter category, if you live in New Jersey, PSE&G has announced a program to make buying your own solar power system it a little bit easier.
Home Solar Energy Loan Program
PSE&G has instituted what it calls the first program offering loans to residential customers wishing to install solar panels on their home. Under the program, homeowners can qualify for loans to finance 40-60% of the total costs of their solar energy system. PSE&G will be directly offering the loans to customers.
Loan Can Be Paid Back From the Clean Energy Produced
Home solar systems of up to 6 MW are eligible for the program, with loans being paid off using solar credits received based on how much energy produced by each installation. These Solar Renewable Energy Credits are valued at $475 or at market rate, which ever is higher. Every time the solar power system generates 1 MWh of power, one SREC is earned. The interest rate on a 10-year residential loan is 6.5%.
More information on this program is available from :: PSE&G
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