NJR Clean Energy Ventures
NJR CLEAN ENERGY VENTURES ANNOUNCES LATEST SOLAR PROJECT AT WOOLWICH TOWNSHIP MUNICIPAL COMPLEX04/01/2014 - For Immediate Release
WOOLWICH, N.J. − NJR Clean Energy Ventures (NJRCEV), the unregulated clean energy subsidiary of New Jersey Resources (NYSE: NJR), today unveiled its latest solar installation at the Woolwich Township Municipal Building in Gloucester County, New Jersey. The 308-kilowatt (kW) solar array will provide power to the municipal complex, including the Woolwich Township Police Department.
“Our partnership with Woolwich Township helps the municipality create sustainable advantages by providing access to affordable, clean energy and its cost-saving benefits,” said Richard Gardner, vice president of NJR Clean Energy Ventures. “Such relationships can result in energy savings and quantifiable contributions to the bottom line at a time when municipalities are operating in a constrained budgetary environment.”
The Woolwich solar system is comprised of 1,100 ground-mounted solar panels, covering 1.4 acres. NJRCEV expects the solar array to produce approximately 414,000 kW hours of electricity annually, reducing carbon dioxide emissions by more than 300 tons. This equates to removing nearly 61 cars from the road each year.
“The solar array is another step in Woolwich Township’s continuing efforts toward a more sustainable future, reducing greenhouse gas emissions from municipal operations while benefiting taxpayers,” said Sam Maccarone Jr., Mayor of Woolwich Township. “We actively seek out additional energy cost-saving opportunities that will benefit Woolwich and its residents now and in the future.”
The Township entered into a 15-year power purchase agreement with NJRCEV for the full capacity of energy generated by the system. NJRCEV will own, operate and maintain the solar system at no cost to the municipality or its residents. “We anticipate the solar array will help reduce our energy costs by more than $20,000 in the first year, saving taxpayers approximately $450,000 over the life of the power purchase agreement. This represents over $100 in savings to our average taxpayer’s assessment,” Maccarone emphasized.
NJRCEV’s investment qualifies for a 30 percent federal investment tax credit and the project will be eligible for Solar Renewable Energy Certificates that can be sold to load serving entities in New Jersey to help meet their renewable energy requirements.
NJRCEV invests in, owns and operates renewable energy projects that generate clean power and provide low-carbon solutions. Since 2010, NJRCEV has completed and placed into service 14 commercial solar projects. To date, the company maintains a portfolio of more than 58 megawatts of installed solar capacity.
About New Jersey Resources
New Jersey Resources (NYSE: NJR) is a Fortune 1000 company that provides safe and reliable natural gas and clean energy services, including transportation, distribution and asset management. With annual revenues in excess of $2 billion, NJR is comprised of five key businesses:
- New Jersey Natural Gas is NJR’s principal subsidiary that operates and maintains 7,000 miles of natural gas transportation and distribution infrastructure to serve half a million customers in New Jersey’s Monmouth, Ocean and parts of Morris and Middlesex counties.
- NJR Clean Energy Ventures invests in, owns and operates solar and onshore wind projects with a total capacity in excess of 61 megawatts, providing residential and commercial customers with low-carbon solutions.
- NJR Energy Services manages a diversified portfolio of natural gas transportation and storage assets and provides physical natural gas services and customized energy solutions to its customers across North America.
- NJR Midstream serves customers from local distributors and producers to electric generators and wholesale marketers through its equity ownership in a natural gas storage facility and a transportation pipeline, both of which are Federal Energy Regulatory Commission, or FERC-regulated investments.
- NJR Home Services provides heating, central air conditioning, standby generators, solar and other indoor and outdoor comfort products to residential homes and businesses throughout New Jersey and serves approximately 120,000 service contract customers.
NJR and its more than 900 employees are committed to helping customers save energy and money by promoting conservation and encouraging efficiency through Conserve to Preserve® and initiatives such as The SAVEGREEN Project® and The Sunlight Advantage®.
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Michael Kinney, Media
Joanne Fairechio, Investors
Dennis Puma, Investors