What advantages does the Solar Loan Program have over a bank loan?
Unlike bank loans, which can only be repaid in cash, Solar Loans can be repaid using Solar Renewable Energy Certificates (SRECs), and supplemented by cash if the system does not generate enough SRECs. SRECs have a value in the market, and PSE&G will value those SRECs at $475 or market price, whichever is higher. However, you must be the owner of the solar panels and PSE&G must have a first priority security interest in the solar panels as collateral for the loan.
