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PSEG Invests One Billion Dollars in Solar, Targeting at Large-scale Projects

published: 2016-03-17 17:23

Over the past seven years, PSEG has invested more than US$1 billion in developing solar energy, transferring the traditional power company into a solar company. Solar is a clean and inexhaustible power source that is crucial for a cleaner world.

Ralph Izzo, Chairman, President and CEO of PSEG, add an entry to PSEG’s blog to review the company’s history of solar investment. PESG dedicated the largest part of its investment to develop or help finance solar installations in New Jersey; it also helped the Garden State achieve renewable energy goals. By investing in solar, PSEG offers clean energy to all of its customers, creates jobs and develops a new industry.

“I’m proud to lead a company that’s helping to realize Thomas Edison’s inspiring vision,” wrote Izzo in his entry.

He points that costs of converting solar into electricity and subsidy distribution among rooftop PV system owners, who are divergent in their income levels, are problems to be solved. He insists that it is necessary to focus on ways to expand access to solar while keeping energy affordable, especially to protect low-income families and ensure fairness for all.

“Universal access to electricity and gas has always been the heart of our Public Service mission. We want to provide the same universal access to solar,” wrote Izzo. “We embrace a future in which our customers will enjoy an even larger harvest of renewable energy from the sun.”

To achieve this goal, the company plans to build large, utility-scale community solar projects for their customers at all income levels. Large-scale projects will help PESG to provide solar energy by costs 40~50% lower than costs for rooftop solar. Secondly, PSEG interconnects power generating facilities in one community and feed all of its customers with clean energy, even to those who live in houses of buildings without solar installation.

PSEG will also continue developing solar farms on landfills or former industrial sites. By doing so, PSEG will be able to further expand its scale of solar facilities as well as make underutilized land productive again.

Energy resources except from solar are also important, noted Izzo. He advocates to have a more diverse range of clean, efficient energy sources, and some energies that emit less carbon.

“It’s toward the bright future that Thomas Edison foresaw long ago, at the dawn of our modern age,” Izzo concluded.

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