NJR Clean Energy Ventures (NJRCEV), an auxiliary of New Jersey Resources, has declared its intentions to invest around $23.7 million to install, own and manage a 4.7 MW ground placed solar power generating system in Vineland, New Jersey.
The company is presently coordinating with Vineland Municipal Electric Utility (VMEU) and PJM Interconnection to trade the power produced from the facility in the wholesale market.
The proposed solar installation will incorporate the single axis tracking system to track the movement of the sun all through the day to generate 20% to 25% more power than the fixed-tilt tracking systems. The solar installation when completed will generate around 7.2 million kWh of power every year to cut down around 4,953 mt of carbon dioxide emissions every year, which can be equated to removing around 971 cars from the roads. The solar facility, which is anticipated to be completed and become operational by September, 2011 will generate around 116 job opportunities.
NJRCVE, by virtue of this investment will become eligible for 30% of federal investment tax credit. Also, the energy generated from the facility will become eligible for receiving Solar Renewable Energy Certificates (SRECs), which can be traded to other companies in New Jersey to assist them in meeting their renewable energy obligations. The company will continue to earn on its investments by vending the power produced from the installation in the wholesale market.
Sources: http://www.njresources.com/