Friday, Jersey Central Power & Light, a subsidiary of Akron, Ohio-based FirstEnergy Corp. (FE), announced that its proposal to help increase the pace of solar energy project development in the state has been approved by the New Jersey Board of Public Utilities.
The JCP&L program will establish long-term agreements to purchase and sell Solar Renewable Energy Certificates to provide a stable basis for financing solar generation projects in the company's service area. JCP&L expects the plan to support the phase-in of approximately 42 megawatts of solar generating capacity over the next three years to meet Renewable Portfolio Standards through 2012. This is enough to power about 32,000 homes.
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