Certified Steel, Nexus Properties, and SunPower have agreed to build a 1.2-MW solar power system at Certified’s facility in Hamilton, NJ. The system, which should be completed in July, will be the largest installation financed by Public Service Enterprise’s (PSE&G) solar loan program so far.
SunPower will act as the turnkey designer/installer for the project and will deploy a lightweight roof-mount system, which will feature the solar company’s high-efficiency monocrystalline-silicon panels. The system is expected to generate the equivalent of nearly 100% of the power required by the 330,000-square-foot full line steel service center.
The two-year pilot solar loan program, which was approved by New Jersey’s Board of Public Utilities in April, allows regional utility provider PSE&G to offer a loan to interested parties installing PV panels at their facilities. The loans can finance up to 60% of the cost of installation. Under the agreement, Certified Steel will repay its loan with the renewable energy credits generated by the system.
“The solar loan program has provided a level of economic certainty that does not otherwise exist in the marketplace,” said Andrea Sussman, managing member of Nexus Properties, which is the developer for the project. “Moving forward, we envision similar programs that foster private investment in solar power projects and help the state of New Jersey reach its renewable energy goals.”