Business & Finance

Solar Panel Project Halts; Three Counties Look to Pay Back Millions

BASKING RIDGE, NJ - A massive environmental project was undertaken to install solar panels on public buildings in three New Jersey counties. The electricity generated in Morris, Somerset and Sussex counties was supposed to be sold to pay off the debt from the project and eventually create revenue for the counties. The project cost $88 million and is currently on hold as court proceedings continue to sort out the financial debt since the halt of the project.  

However, four years later, there are million of dollars that have been lost and the $88 million must be repaid to the bondholders of the project even if the panels are not installed.  

"The bondholders will be paid, regardless of how," said John Eskilson, the Sussex County administrator.

Sign Up for E-News

The plan was for developer SunLight General to create solar panels on top of schools and other public buildings in the counties. The reason for the loss in funds is that the state solar-energy tax credit market fell after the project was already started leading to the current financial problems.

The current dispute is between the contractor and the developer as the counties try to save the project. The suit, which has been going on for the last seven months, will hopefully be resolved so that the project can continue and the counties can pay back the $88 million to bondholders.

TAP Into Another Town's News:

You May Also Be Interested In

Sign Up for E-News

Basking Ridge

Whole Foods in Bridgewater to Officially Open Doors March 21

February 20, 2018

BRIDGEWATER, NJ - Whole Foods Market Bridgewater, the first Somerset County location for the retailer, will officially open its doors on Chimney Rock Road March 21.

According to a release from the company, the 49,000-square-foot store will open at 9 a.m., and there will be prize giveaways, special sales and product demonstrations and samples.

"We can't wait to serve Bridgewater and ...

‘Reefer Madness’ Comes to Chatham Borough Council; Cannabis Advocates Make Pitch for Chatham Marijuana Shop

February 14, 2018

CHATHAM, NJ - A group of pro-cannabis activists came to the Borough of Chatham Council meeting on Monday night and used the public commentary portion of the meeting to ask the council to support a marijuana dispensary in town.

The advocates, who say they have attended more than 80 town meetings to inform about the benefits of medical cannabis, mentioned the 1936 movie "Reefer ...

Guest Column: The Great "Wait" of the College Process

February 16, 2018

For all the high school seniors and their parents, we are in the stressful "waiting period".  We've just finished or are finishing applications to all the schools we might possibly want to attend next year and now sit and wait our fate after the $60-$80 non-refundable application fees to at least 8-13 schools and staring at some pretty ridiculous tuition fees.

Early ...

Upcoming Events

Wed, February 21

Scherman Hoffman Wildlife Sanctuary, Bernardsville

NJ Audubon: Volunteer Art Show!

Arts & Entertainment Green

Wed, February 21, 9:00 AM

The Center for Contemporary Art , Bedminster,

Dan Bischoff: Critic As Artist

Arts & Entertainment

Wed, February 21, 9:00 AM

The Center for Contemporary Art, Bedminster

Keepers of the Chroma: An Exhibition Regarding ...

Arts & Entertainment

Franklin: Sister2Sister Seeks Volunteers for 5K Run; Breast Cancer Health Summit and Screenings March 24

February 20, 2018

FRANKLIN TOWNSHIP, NJ – Sister2Sister, a non-profit organization that supports minority and underserved breast cancer survivors, is getting an early start on planning its 5K Breast Cancer Run & Walk For Life with an organizational meeting Thursday, Feb. 22.

Those interested are invited to the organization’s headquarters at 1201 Hamilton St., Somerset for the 7 p.m.

AtlantiCast

AtlantiCast: Episode 12

On this week’s episode of AtlantiCast, decade of excellence makes headlines, as Atlantic Health’s place on Fortune Magazine’s 100 Best Companies to Work For List leads off the newest episode of AtlantiCast. Also on this week’s show, check out the newest “hybrid” operating room at Morristown Medical Center and find out how Atlantic Health is helping local ...

AtlantiCast Medical Minute: Atlantic Orthopedic Institute’s Scoliosis and Spinal Deformity Center

On this episode of the AtlantiCast Medical Minute, we’ll take you inside the Atlantic Orthopedic Institute’s Scoliosis and Spinal Deformity Center, with the center’s director, Jason Lowenstein, MD.

Video Link: https://www.youtube.com/watch?v=1M7euCp86-c

AtlantiCast Episode 011

Breaking Atlantic Health System news on this week’s AtlantiCast! Plus, find out why Morristown Medical Center is one of the best hospitals in the nation when it comes to recovering from joint surgery, see the newest center for fighting brain cancer and an Atlantic Health System red-carpet premiere!