PSE&G Receives Approval for $515M Solar Plan
New Jersey-based utility PSE&G (NYSE: PEG) has received regulatory approval to invest $515 million collected from ratepayers in 80 megawatts (MW) of solar projects.
The New Jersey Board of Public Utilities (BPU) reduced the company's original plans from $773 million for 120 MW, and nixed plans for solar panels on government buildings.
The program, called Solar 4 All, has two segments, each 40 MW in size. If completed, it will double the states current solar power capacity.
The first segment consists of installing small solar units on 200,000 utility poles in PSE&G's service territory. It will be the largest pole-attached solar installation in the world. The solar units will be connected directly into PSE&G's electric distribution system and the power will be sold into the PJM wholesale grid.