Financing Your Solar Installation with PSE&G
The Smart Way to Finance Solar
Find an Installer
PSE&G will begin accepting applications for the twenty seventh (28) solicitation of our Solar Loan III Program on Monday, April 29 at 10:00am.
Applications will be accepted through a link on this website.
The solicitation will be open until 5:00pm on Thursday, May 23, 2019. PSE&G commercial and residential electric customers are eligible to apply. Interested parties are encouraged to review this website for further information, including the Solicitation Schedule and Program Capacity being made available.
Thank you for your interest.
What are the benefits of financing your residential solar energy system with PSE&G's Solar Loan Program?
Enjoy a fast return on your investment
Going solar means you can potentially save hundreds of dollars per year on energy—ask your solar contractor for an estimate.
Get started with minimal out-of-pocket costs
When you finance through PSE&G, you can repay your Solar Loan using Solar Renewable Energy Credits (SRECs). SRECs are credits earned from producing clean energy. In New Jersey, these credits are issued as tradable certificates.
Pay less in taxes
You could be eligible for a tax credit of up to 30%.
Guaranteed value
PSE&G guarantees a minimum value for your SRECs, so you won't need to worry about price fluctuations.
Easy loan terms
All Solar Loans for Businesses have a repayment period of 10 years, with a set interest rate of 11.179%.
Frequently Asked Questions
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The PSE&G loan may cover approximately 30-50% of the cost of your solar energy system. The loan amount depends on the expected amount of energy that your system will produce, as well as your SREC floor bid price.
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PSE&G will close the loan and disburse the proceeds after your solar energy system is installed and inspected.
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Your contractor will use a software program to estimate the number of SRECs that will be generated over the life of your loan. Using this estimate, PSE&G will determine your loan repayment schedule, taking into account your SREC floor price bid.
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If you fall behind on repayment of your loan due to inadequate energy output from your system, PSE&G will require that you make cash payments to true-up the shortfall. This true-up will be performed annually to ensure that your account is current. See our loan agreement for further details.
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View a sample draft of our Solar Loan and Security Agreement and a sample Promissory Note.