"Our proposed initiative highlights our intention to be a leaderhere in New Jersey in finding ways to improve the environment,"says Ralph Izzo, chairman and CEO of Public Service EnterpriseGroup, PSE&G's parent company. "Climate change is a realitythat needs to be addressed now. We are prepared to invest asubstantial amount of capital, and we have developed an innovativeregulatory approach to provide new avenues and incentives forinvestment in renewal energy."
If approved by BPU, the utility would provide loans todevelopers and businesses to cover approximately 40% to 50% of thecost of a solar installation project. The utility would be repaidthe principal plus interest over 15 years, a considerably longertime frame than traditional lenders are willing to provide forsolar installations.
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