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Financing Receivables | 12 Months Ended
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Dec. 31, 2020
Financing Receivable, Recorded Investment [Line Items] |
Financing Receivables | Financing Receivables PSE&G PSE&G’s Solar Loan Programs are designed to help finance the installation of solar power systems throughout its electric service area. Interest income on the loans is recorded on an accrual basis. The loans are paid back with SRECs generated from the related installed solar electric system. PSE&G uses collection experience as a credit quality indicator for its Solar Loan Programs and conducts a comprehensive credit review for all prospective borrowers. As of December 31, 2020, none of the solar loans were impaired; however, in the event of a loan default or if a loan becomes impaired, the basis of the solar loan would be recovered through a regulatory recovery mechanism. As of December 31, 2020, none of the solar loans were delinquent and no loans are currently expected to become delinquent in light of the payment mechanism. Therefore, no current credit losses have been recorded for Solar Loan Programs I, II and III. A substantial portion of these amounts are noncurrent and reported in Long-Term Investments on PSEG’s and PSE&G’s Consolidated Balance Sheets. The following table reflects the outstanding loans by class of customer, none of which would be considered “non-performing.”
|  |  | As of December 31, |
| Outstanding Loans by Class of Customer |  | 2020 |  | 2019 |
|  |  | Millions |
| Commercial/Industrial |  | $ | 145 |  |  | $ | 156 |  |
| Residential |  | 6 |  |  | 8 |  |
| Total |  | 151 |  |  | 164 |  |
| Current Portion (included in Accounts Receivable) |  | (29) |  |  | (28) |  |
| Noncurrent Portion (included in Long-Term Investments) |  | $ | 122 |  |  | $ | 136 |  |
The solar loans originated under three Solar Loan Programs are comprised as follows:
| Programs |  | Balance as of December 31, 2020 |  | Funding Provided |  | Residential Loan Term |  | Non-Residential Loan Term |
|  |  | Millions |  |  |  |  |  |  |
| Solar Loan I |  | $ | 20 |  |  | prior to 2013 |  | 10 years |  | 15 years |
| Solar Loan II |  | 69 |  |  | prior to 2015 |  | 10 years |  | 15 years |
| Solar Loan III |  | 62 |  |  | largely funded as of December 31, 2020 |  | 10 years |  | 10 years |
| Total |  | $ | 151 |  |  |  |  |  |  |  |
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 December 31, 2020 and have an average remaining life of approximately four years. Energy Holdings Energy Holdings had net investments in assets subject to leveraged lease accounting of $186 million as of December 31, 2020 and $169 million as of December 31, 2019 (See Note 9. Long-Term Investments). 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’ Credit Rating Standard & Poor’s (S&P) as of December 31, 2020 |  | As of December 31, 2020 |
|  |  | Millions |
| AA |  | $ | 9 |  |
| A- |  | 54 |  |
| BBB+ to BBB |  | 196 |  |
| BB+ |  | 40 |  |
| Total |  | $ | 299 |  |
The “BB+” rating in the preceding table represents a lease receivable related to the Merrill Creek Reservoir. Metropolitan Edison Company (a subsidiary of First Energy) is the lease counterparty and fully guarantees the lease payments. As of December 31, 2020, the gross investment in this lease was $26 million ($20 million, net of deferred taxes).
Public Service Electric and Gas Company |
Financing Receivable, Recorded Investment [Line Items] |
Financing Receivables | Financing Receivables PSE&G PSE&G’s Solar Loan Programs are designed to help finance the installation of solar power systems throughout its electric service area. Interest income on the loans is recorded on an accrual basis. The loans are paid back with SRECs generated from the related installed solar electric system. PSE&G uses collection experience as a credit quality indicator for its Solar Loan Programs and conducts a comprehensive credit review for all prospective borrowers. As of December 31, 2020, none of the solar loans were impaired; however, in the event of a loan default or if a loan becomes impaired, the basis of the solar loan would be recovered through a regulatory recovery mechanism. As of December 31, 2020, none of the solar loans were delinquent and no loans are currently expected to become delinquent in light of the payment mechanism. Therefore, no current credit losses have been recorded for Solar Loan Programs I, II and III. A substantial portion of these amounts are noncurrent and reported in Long-Term Investments on PSEG’s and PSE&G’s Consolidated Balance Sheets. The following table reflects the outstanding loans by class of customer, none of which would be considered “non-performing.”
|  |  | As of December 31, |
| Outstanding Loans by Class of Customer |  | 2020 |  | 2019 |
|  |  | Millions |
| Commercial/Industrial |  | $ | 145 |  |  | $ | 156 |  |
| Residential |  | 6 |  |  | 8 |  |
| Total |  | 151 |  |  | 164 |  |
| Current Portion (included in Accounts Receivable) |  | (29) |  |  | (28) |  |
| Noncurrent Portion (included in Long-Term Investments) |  | $ | 122 |  |  | $ | 136 |  |
The solar loans originated under three Solar Loan Programs are comprised as follows:
| Programs |  | Balance as of December 31, 2020 |  | Funding Provided |  | Residential Loan Term |  | Non-Residential Loan Term |
|  |  | Millions |  |  |  |  |  |  |
| Solar Loan I |  | $ | 20 |  |  | prior to 2013 |  | 10 years |  | 15 years |
| Solar Loan II |  | 69 |  |  | prior to 2015 |  | 10 years |  | 15 years |
| Solar Loan III |  | 62 |  |  | largely funded as of December 31, 2020 |  | 10 years |  | 10 years |
| Total |  | $ | 151 |  |  |  |  |  |  |  |
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 December 31, 2020 and have an average remaining life of approximately four years. Energy Holdings Energy Holdings had net investments in assets subject to leveraged lease accounting of $186 million as of December 31, 2020 and $169 million as of December 31, 2019 (See Note 9. Long-Term Investments). 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’ Credit Rating Standard & Poor’s (S&P) as of December 31, 2020 |  | As of December 31, 2020 |
|  |  | Millions |
| AA |  | $ | 9 |  |
| A- |  | 54 |  |
| BBB+ to BBB |  | 196 |  |
| BB+ |  | 40 |  |
| Total |  | $ | 299 |  |
The “BB+” rating in the preceding table represents a lease receivable related to the Merrill Creek Reservoir. Metropolitan Edison Company (a subsidiary of First Energy) is the lease counterparty and fully guarantees the lease payments. As of December 31, 2020, the gross investment in this lease was $26 million ($20 million, net of deferred taxes).

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