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Financing Receivables (Tables)
9 Months Ended
Sep. 30, 2024
Public Service Electric and Gas Company [Member]  
Schedule of Financial Receivables [Line Items]  
Schedule of Credit Risk Profile Based on Payment Activity

 

 

 

 

 

 

 

 

 

 

 

 

As of

 

 

 

Outstanding Loans by Class of Customers

 

September 30,
2024

 

 

December 31,
2023

 

 

 

 

 

Millions

 

 

 

Commercial/Industrial

 

$

42

 

 

$

60

 

 

 

Residential

 

 

2

 

 

 

3

 

 

 

Total

 

 

44

 

 

 

63

 

 

 

Current Portion (included in Accounts Receivable)

 

 

(18

)

 

 

(23

)

 

 

Noncurrent Portion (included in Long-Term Investments)

 

$

26

 

 

$

40

 

 

 

 

 

 

 

 

 

 

 

 

The solar loans originated under three Solar Loan Programs are comprised as follows:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Programs

 

Balance as of September 30, 2024

 

 

Funding Provided

 

Residential Loan Term

 

Non-Residential
Loan Term

 

 

 

 

Millions

 

 

 

 

 

 

 

 

 

Solar Loan I

 

$

1

 

 

prior to 2013

 

10 years

 

15 years

 

 

Solar Loan II

 

 

22

 

 

prior to 2015

 

10 years

 

15 years

 

 

Solar Loan III

 

 

21

 

 

prior to 2022

 

10 years

 

10 years

 

 

Total

 

$

44

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

The average life of loans paid in full is eight years, which is lower than the loan terms of 10 to 15 years due to the generation of SRECs being greater than expected and/or cash payments made to the loan. Payments on all outstanding loans were current as of September 30, 2024 and have an average remaining life of approximately two years. There are no remaining residential loans outstanding under the Solar Loan I program.

Energy Holdings [Member]  
Schedule of Financial Receivables [Line Items]  
Schedule of Gross and Net Lease Investment The following table shows Energy Holdings’ gross and net lease investments as of September 30, 2024 and December 31, 2023.

 

 

 

 

 

 

 

 

 

 

 

 

 

As of

 

 

 

 

 

September 30,
2024

 

 

December 31,
2023

 

 

 

 

 

Millions

 

 

 

Lease Receivables (net of Non-Recourse Debt)

 

$

200

 

 

$

223

 

 

 

Unearned and Deferred Income

 

 

(53

)

 

 

(62

)

 

 

Gross Investments in Leases

 

 

147

 

 

 

161

 

 

 

Deferred Tax Liabilities

 

 

(33

)

 

 

(36

)

 

 

Net Investments in Leases

 

$

114

 

 

$

125

 

 

 

 

 

 

 

 

 

 

 

Schedule of Lease Receivables, Net of Nonrecourse Debt, Associated With Leveraged Lease Portfolio Based on Counterparty Credit Rating

The corresponding receivables associated with the lease portfolio are reflected as follows, net of non-recourse debt. The ratings in the table represent the ratings of the entities providing payment assurance to Energy Holdings.

 

 

 

 

 

 

 

 

 

 

Lease Receivables, Net of
Non-Recourse Debt

 

 

 

Counterparties' Standard & Poor's (S&P) Credit Rating as of September 30, 2024

 

As of September 30, 2024

 

 

 

 

 

Millions

 

 

 

AA

 

$

7

 

 

 

A-

 

 

39

 

 

 

BBB+

 

 

154

 

 

 

Total

 

$

200