HACKENSACK, N.J. — A plan to build 10 new solar farms across New Jersey has raised concerns over costs to ratepayers and solar credit prices.
The Record (http://bit.ly/1WYHFlQ ) reports that Public Service Electric and Gas Co.’s $275 million plan would add 100 megawatts of solar power to the grid by 2021.
Environmentalists have praised the move, saying it will add more renewable energy to the grid.
But officials say PSE&G’s application includes a guaranteed profit of more than 10 percent. That expense would result in higher utility fees to ratepayers.
Another concern is the influx of solar projects could depress solar power credit prices. That would make it harder for homeowners and businesses to pay off the costs of installing solar panels.
PSE&G officials say they monitor industry costs to develop solar farms.
Information from: The Record (Woodland Park, N.J.), http://www.northjersey.com