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Solar Gains Land PSE&G A Top Spot In Industry Ranking

Stocks in this article: PEG

"We are pleased to once again include PSE&G on our Top 10 list, which identifies the leaders from our upcoming sixth annual Utility Solar Rankings Report," remarked Julia Hamm, president and CEO of SEPA. "In 2012 new installations resulted in almost 1,500 megawatts of additional new solar connected to the grid, a doubling in new solar capacity from two years ago. Both the number of systems and the amount of new capacity make solar electricity the fastest growing electric source in the U.S. in 2012. SEPA will continue to promote our utility leaders and encourage wide spread solar adoption to ensure a clean, diverse energy mix for the future."

PSE&G's innovative Solar 4 All and Solar Loan programs are helping to make New Jersey a national leader in solar energy. Solar 4 All will put 80 megawatts of solar power in service by mid-2013 using both large-scale centralized solar installations and pole-attached solar units in the more than 300 towns in PSE&G's electric service territory. By taking advantage of previously untapped resources – space on utility poles, unused brownfields and landfills and flattop roofs – PSE&G is adding a considerable amount of solar capacity while preserving precious New Jersey open space.

The Solar Loan program is making $247 million in financing available for qualified residential and non-residential solar projects in PSE&G electric service territory. The loan program helps to remove the financial barriers to solar installations by providing a ready source of financing for about 50 percent of the project cost and allows customers to use the solar credits (SRECs) that the solar systems generate to repay the loan.  As of 12/31/12, the PSE&G Solar Loan had financed 67MW-dc of solar capacity in New Jersey representing $209 million in investment. 

For more information on the Solar 4 All and Solar Loan programs, visit www.pseg.com/solar.

Public Service Electric and Gas Company (PSE&G) is New Jersey's oldest and largest regulated gas and electric delivery utility, serving nearly three-quarters of the state's population.  PSE&G is the winner of the ReliabilityOne Award for superior electric system reliability.  PSE&G is a subsidiary of Public Service Enterprise Group Incorporated (PSEG) (NYSE:PEG), a diversified energy company ( www.pseg.com ).

SEPA is an educational non-profit organization based in Washington dedicated to helping utilities integrate solar power into their energy portfolios. The SEPA Top 10 Utility Solar Rankings report is one of many market intelligence, utility interaction and educational services SEPA provides to its utility and solar industry members. For more information about SEPA, visit our website at www.solarelectricpower.org

Want to know what's new at PSEG? Go to www.pseg.com/getnews and sign up to have our press releases sent right to your inbox.

SOURCE Public Service Electric and Gas Company (PSE&G)

Copyright 2011 PR Newswire. All rights reserved. This material may not be published, broadcast, rewritten or redistributed.
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