Loans To Be Available For Solar Panels Soon
With constant increase in the fuel prices in the U.S., many people in New Jersey are opting for cheaper and cleaner alternatives such as installation of solar panels. Offering loans for the purpose of buying these solar panels can be encouraging for several others to emulate. In this context, utility Public Service Electric and Gas (PSE&G) has requested the State Board of Public Utilities to lend an amount of around $100 million in the next two years. This amount would be lent to various property owners within the state for the purpose of getting solar panels installed.
Currently, fuel demand in the U.S. is rapidly increasing and the country is depending on other nations to satisfy its demand. Apart from this, with the volatile situation prevalent in the world oil and gas markets and with the constant threat of global warming, there is an increased risk to the U.S. from other nations with respect to demand. Hence, in order to overcome this problem it becomes mandatory for the country to construct more hydroelectricity plants, erect more wind farms and install several solar panel arrays. The U.S. needs to encourage and facilitate individuals and business firms in developing strategies for tapping conventional energy resources such as the sun and the wind.
According to the proposal of PSE&G, these loans would cover the upfront costs of buying and proper installation of solar panel array. The loan amount of $100 million would be sufficient to buy solar panels that would be sufficient to replace 68,000 barrels of oil and bear the electricity of 24,000 homes for two years. PSE&G has announced that this loan amount would be paid back in 15 years.
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