New Jersey Resources
NEW JERSEY RESOURCES HOSTS ANNUAL SHAREOWNERS MEETING; ANNOUNCES LAUNCH OF THE SUNLIGHT ADVANTAGE™01/26/2011 - For Immediate Release
HOLMDEL, NJ – New Jersey Resources (NYSE:NJR) today announced the launch of The Sunlight Advantage™ at its annual shareowners meeting held at the Robert B. Meyner Reception Center. With an investment of up to $9.4 million, The Sunlight Advantage will expand NJR’s residential solar lease program up to an additional 350 customers in New Jersey and help participating homeowners reduce their electric costs with clean, renewable energy.
“With The Sunlight Advantage™, we are making it simple for homeowners to get solar power and save on their electric costs,” said Laurence M. Downes, chairman and CEO of NJR. “It also represents an opportunity to grow our business and access the electric market through nontraditional means. We will continue to look for new opportunities in the solar market to expand our business, encourage renewable energy and help customers save money.”
Through The Sunlight Advantage, NJR will lease roof-mounted, crystalline solar systems to eligible homeowners. A typical system of approximately 6 kilowatt (kW) would cost the homeowner $59 per month over a lease period of 20 years. This monthly rate is fixed over the lease term and includes all necessary installation and maintenance costs. A typical homeowner with a 6 kW system can save approximately $100 per month on electric costs, or more than $20,000 over the life of the lease, based upon current power prices.
In order for customers to get the most benefit from The Sunlight Advantage, a home must have a south facing roof to draw maximum exposure from the sun. East and west facing roofs may also be eligible. The roof must be clear of shading from trees or other structures, and not need to be replaced during the life of the lease. Interested homeowners who meet these eligibility requirements should call 855-4SUNLIT (855-478-6548) or visit www.sunlightadvantage.com for more information.
The investment by NJR will qualify for federal investment tax credits. In addition, the energy produced will be eligible for Solar Renewable Energy Certificates (SRECs), which can be sold to Load Serving Entities in New Jersey to meet their renewable energy requirements. Lease payments from participating residential customers will provide further return on investment.
To help spread the word about The Sunlight Advantage, NJR also announced a referral program, which will provide a $25 gift card to anyone who refers a homeowner who, in turn, becomes a Sunlight Advantage customer. The gift card will be awarded within 30 days of the completed installation. Only one referral per signed customer is permitted, and referrals for existing Sunlight Advantage customers and prospects identified as of January 26, 2011 are not eligible. For more details on the terms and conditions of this offer, visit www.sunlightadvantage.com.
During the meeting, shareowners also elected Jane M. Kenny and David A. Trice, each for three-year terms, to the NJR Board of Directors, and approved the non-binding advisory resolution approving the compensation of the company’s named executive officers. In addition, a majority of the shareowners voted in favor of holding such a vote annually, which is consistent with the board’s recommendation. Additionally, the appointment of Deloitte & Touche, LLP as the company’s independent registered public accounting firm for the fiscal year ending September 30, 2011, was ratified.
“We have an exceptional team dedicated to delivering consistent results for our shareowners,” Downes said. “As always, we will give our best to continue to reward that trust with our performance.”
New Jersey Resources, a Fortune 1000 company, provides reliable energy and natural gas services including transportation, distribution and asset management in states from the Gulf Coast to the New England regions, including the Mid-Continent region, the West Coast and Canada, while investing in and maintaining an extensive infrastructure to support future growth. With over $2.5 billion in annual revenues, NJR safely and reliably operates and maintains 6,700 miles of natural gas transportation and distribution infrastructure to serve nearly half a million customers; develops and manages a diverse portfolio of nearly 2.3 Bcf/day of transportation capacity and more than 50 Bcf of storage capacity; and provides appliance installation, repair and contract service to approximately 144,000 homes and businesses. Additionally, NJR holds investments in midstream assets through equity partnerships including Steckman Ridge and Iroquois. Through Conserve to Preserve®, NJR is helping customers save energy and money by promoting conservation and encouraging efficiency. For more information about NJR, visit www.njliving.com.
Mike Kinney, Media
Dennis Puma, Investors