Pennsylvania Utility to Fund Efficiency, Renewable Energy
A settlement reached on September 13th regarding the proposed merger of Exelon Corporation, the parent company to Philadelphia-based PECO Energy, with New Jersey's Public Service Enterprise Group Inc. will result in new funding and incentives for renewable energy and energy efficiency in Pennsylvania. Under the settlement, PECO must provide $12 million to the Pennsylvania Energy Development Authority and $7.2 million to the Sustainable Development Fund over the next four years to promote renewable energy and energy efficiency. According to the Citizens for Pennsylvania's Future (PennFuture), the combination of those funds and other state incentives could lead to "thousands of megawatts of new wind, solar, biomass, methane and energy conservation projects."
According to PennFuture, the agreement also requires PECO to allow customers that produce their own power to sell excess power back to the utility, a concept known as net metering. That makes it more cost-effective for consumers to install solar panels or a wind turbine. See the press releases from Pennsylvania Governor Edward Rendell, PennFuture, and Exelon.