newjerseynewsroom.com

What is described as one of the largest pitched roof solar electric systems in New Jersey has been completed at Fellowship Village Retirement Community in Basking Ridge.

The panels, installed by Millstone-based Absolutely Energized Solar, are expected to reduce 900,000 pounds of CO2 each year and protect more than 250 acres of trees annually, state officials said Wednesday.

The state Economic Development Authority (EDA) recently assisted Absolutely Energized Solar under the Main Street Business Assistance Program. Fellowship Village also received EDA assistance to support the solar panel installation.

The state recently announced that New Jersey has reached 100 megawatts of solar energy installed, a ten-fold increase since 2006. As a result, the state now has the most solar installations in the country per square mile, surpassing California by nearly two to one.

"New Jersey is dedicated to supporting small business growth and promoting a more secure and environmentally responsible energy future for the state," said Caren Franzini, the EDA's chief executive officer, said in Basking Ridge. "This project helps to advance both of these goals and will also ensure that the Garden State continues to lead the way in solar power."

Fellowship Village is a non-profit continuing care retirement community located on 72 acres. The 668kW solar electric system there includes over 3,000 solar panels and covers more than 40-percent of the community's rooftops. Fellowship estimates that the system will reduce electrical consumption by 14 percent and produce savings of more than $5 million over the life of the solar panels.

"We are very proud to have the distinction of implementing one of the largest arrays of pitched roof residential panels in New Jersey," said Brian G. Lawrence, Fellowship Village president and chief executive officer. "With the help of the state and the excellent work of Absolutely Energized Solar, Fellowship is able to provide a better environment to live and work."

Absolutely Energized Solar is a licensed electrical contracting company that has spent the past seven years developing and installing solar electrical systems for high end residential, commercial and industrial markets. To date, the company's installations include some of the larger projects on the East Coast totaling over 7 megawatts, or enough power to run approximately 900 homes. According to company president Dan Lichtman, installing solar electric systems is a capital intensive business and the company's financial strength and ability to borrow money is paramount to its capacity to continue growing and installing large solar electric systems. Lichtman also said that the recent financing allowed Absolutely Energized Solar to purchase materials for a second large project in South Kearney in time to have the company's crews move directly from one project to the next.

"Thanks in part to the lending abilities supported by the Main Street Business Assistance Program, our company is able to provide higher levels of employee training and maintain full-time, year-round crews," Lichtman said.

The goal of Gov. Jon Corzine's energy plan for New Jersey is to reduce energy consumption by 20-percent and generate at least 30-percent of the state's electricity from renewable sources by the year 2020. The EDA, in conjunction with the state BPU and the state Department of Environment Protection, recently launched Clean Energy Solutions, a suite of financing and incentive programs to further support the goals of the energy plan.

The Main Street Business Assistance Program enables qualified small and mid-size businesses and nonprofit organizations in New Jersey to access capital by providing state support for bank lending through loan participations and credit enhancements. The program is one of several critical initiatives established under Corzine's economic recovery plan to aid businesses during the national recession. Developed in partnership with the New Jersey departments of Banking and Insurance and Treasury and the state's banking community, the Main Street program has been funded by a $50-million state appropriation. To qualify, borrowers must be in business at least two years, maintain jobs in New Jersey and meet other EDA eligibility requirements.

— TOM HESTER SR., NEWJERSEYNEWSROOM.COM