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In order to meet New Jersey renewable energy requirements, Public Service Enterprise Group, Inc. will spend $774 million over a period of five years to install solar panels on power poles and government buildings.
The PSEG project will add 120MW of clean power generating capacity, enough for 100,000 homes. Rates will be raised 10 to 35 cents a month on customers’ bills in order to recover the cost of the project.
New Jersey requires 22.5% of the state’s electricity to be generated by renewable sources by 2021, one-fifth of which must come from solar. This will require 1800MW of new solar capacity, or enough power for 1.45 million homes.
If state utility regulators approve the project, PSEG will be guaranteed a 10.3% return on equity this year.
