• Solar Finance Programs

  • Atlantic City Electric and Delmarva Power completed solicitations to purchase Solar Renewable Energy Credits (SRECs) from customers in New Jersey and Delaware, respectively. These purchases will provide the financial certainty to allow for the development of more than 250 distributed solar facilities, providing up to 24 megawatts of clean renewable energy. Both utilities are in the process of planning the next stages of these programs.

    In New Jersey, eligible residential projects included customer-owned and -financed systems, residential new construction in smart-growth areas (for builders and homeowners), and residential systems using a leasing or power purchase agreement. Certain public and nonprofit projects are also eligible–including public and nonprofit organizations, such as municipalities, other governments, public colleges and universities, public schools (K-12) and affordable housing communities.

    In Delaware, Delmarva Power purchases the renewable portfolio standard requirements for all of its customers. Contracts were offered to customers and developers in tiers from small residential systems to large commercial systems. Incentives for in-state materials and the workforce-in-Delaware law also were taken into consideration in selecting winning proposals.