February 10, 2009 (FinancialWire) -- Public Service Electric and Gas Co. (NYSE: PEG) (Current Market Cap: US$15.83 Bil.) said it has asked New Jersey regulators to approve a $773-million proposal to bring around megawatts of solar power to customers throughout its service territory.

In a filing with the state's Board of Public Utilities, PSE&G proposed a unique and comprehensive Solar 4 All Program with one segment that includes what the company calls the largest pole-attached solar installation in the country. The program will utilize brownfields and other underdeveloped properties for solar generation.

PSE&G plans to invest in, own and operate grid-connected solar energy systems, and plans to collaborate with experienced solar developers, installers and manufacturers to develop projects.

Ralph LaRossa, the president and COO of PSE&G, said "The program strongly supports New Jersey's aggressive renewable energy and environmental goals and helps to strengthen the competitive solar industry in the state."

The initiative is designed to satisfy nearly seven percent of the state's renewable portfolio standards requirements through 2020. The 120 megawatts of solar capacity will eliminate 1.7 million tons of CO2 emissions, which is the equivalent of removing nearly 310,000 cars from the road for one year.

Under the plan, each utility investment will be recovered over 15 to 20 years, with the rate impact offset by the value of the electricity and solar renewable energy certificates produced by the systems as well as federal tax credits that will flow back to utility customers.

Installation costs are expected by PSE&G to be $6.44 per watt of installed solar capacity. The company is proposing to recover all direct program costs, including costs related to its invested capital. The impact on a typical residential customer is forecasted to be ten cents per month in the first full year of the program and increases up to 35 cents per month in 2013.

Newark, New Jersey-based Public Service Electric and Gas is a regulated gas and electric delivery utility serving nearly three-quarters of the state's population.

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