The Associated Press May 3, 2011, 4:14PM ET

NJ company to build $18M solar energy project

A New Jersey company says it will invest $18 million to install a solar power system capable of producing 3.6 megawatts of electricity, or enough to power 450 homes every year.

The clean energy division of New Jersey Resources is leasing 13 acres in Manalapan to build a "solar field" of ground-mounted, crystalline panels. The energy generated will be fed into the power grid through the wholesale market.

It's the first ground-mounted project for the Wall-based company, which hopes to take advantage of federal tax credits as well as state incentives for green energy projects.

New Jersey ranks second in the nation in the use of solar power, according to the state Board of Public Utilities.

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