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Financing Receivables | 12 Months Ended
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Dec. 31, 2021
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, 2021, 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, 2021, none of the solar loans were delinquent. Therefore, no current credit losses have been recorded for Solar Loan Programs I, II and III. A substantial portion of these loan 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 |  | 2021 |  | 2020 |
|  |  | Millions |
| Commercial/Industrial |  | $ | 116 |  |  | $ | 145 |  |
| Residential |  | 5 |  |  | 6 |  |
| Total |  | 121 |  |  | 151 |  |
| Current Portion (included in Accounts Receivable) |  | (29) |  |  | (29) |  |
| Noncurrent Portion (included in Long-Term Investments) |  | $ | 92 |  |  | $ | 122 |  |
The solar loans originated under three Solar Loan Programs are comprised as follows:
| Programs |  | Balance as of December 31, 2021 |  | Funding Provided |  | Residential Loan Term |  | Non-Residential Loan Term |
|  |  | Millions |  |  |  |  |  |  |
| Solar Loan I |  | $ | 14 |  |  | prior to 2013 |  | 10 years |  | 15 years |
| Solar Loan II |  | 56 |  |  | prior to 2015 |  | 10 years |  | 15 years |
| Solar Loan III |  | 51 |  |  | largely funded as of December 31, 2021 |  | 10 years |  | 10 years |
| Total |  | $ | 121 |  |  |  |  |  |  |  |
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, 2021 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 $145 million as of December 31, 2021 and $186 million as of December 31, 2020 (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, 2021 |  | As of December 31, 2021 |
|  |  | Millions |
| AA |  | $ | 8 |  |
| A- |  | 51 |  |
| BBB+ to BBB |  | 215 |  |
| Total |  | $ | 274 |  |
PSEG recorded no credit losses for the leveraged leases existing on December 31, 2021. Upon the occurrence of certain defaults, indirect subsidiaries of Energy Holdings would exercise their rights and seek recovery of their investments, potentially including stepping into the lease directly to protect their investments. While these actions could ultimately protect or mitigate the loss of value, they could require the use of significant capital and trigger certain material tax obligations which could, for certain leases, wholly or partially be mitigated by tax indemnification claims against the counterparty. A bankruptcy of a lessee would likely delay and potentially limit any efforts on the part of the lessors to assert their rights upon default and could delay the monetization of claims.
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, 2021, 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, 2021, none of the solar loans were delinquent. Therefore, no current credit losses have been recorded for Solar Loan Programs I, II and III. A substantial portion of these loan 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 |  | 2021 |  | 2020 |
|  |  | Millions |
| Commercial/Industrial |  | $ | 116 |  |  | $ | 145 |  |
| Residential |  | 5 |  |  | 6 |  |
| Total |  | 121 |  |  | 151 |  |
| Current Portion (included in Accounts Receivable) |  | (29) |  |  | (29) |  |
| Noncurrent Portion (included in Long-Term Investments) |  | $ | 92 |  |  | $ | 122 |  |
The solar loans originated under three Solar Loan Programs are comprised as follows:
| Programs |  | Balance as of December 31, 2021 |  | Funding Provided |  | Residential Loan Term |  | Non-Residential Loan Term |
|  |  | Millions |  |  |  |  |  |  |
| Solar Loan I |  | $ | 14 |  |  | prior to 2013 |  | 10 years |  | 15 years |
| Solar Loan II |  | 56 |  |  | prior to 2015 |  | 10 years |  | 15 years |
| Solar Loan III |  | 51 |  |  | largely funded as of December 31, 2021 |  | 10 years |  | 10 years |
| Total |  | $ | 121 |  |  |  |  |  |  |  |
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, 2021 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 $145 million as of December 31, 2021 and $186 million as of December 31, 2020 (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, 2021 |  | As of December 31, 2021 |
|  |  | Millions |
| AA |  | $ | 8 |  |
| A- |  | 51 |  |
| BBB+ to BBB |  | 215 |  |
| Total |  | $ | 274 |  |
PSEG recorded no credit losses for the leveraged leases existing on December 31, 2021. Upon the occurrence of certain defaults, indirect subsidiaries of Energy Holdings would exercise their rights and seek recovery of their investments, potentially including stepping into the lease directly to protect their investments. While these actions could ultimately protect or mitigate the loss of value, they could require the use of significant capital and trigger certain material tax obligations which could, for certain leases, wholly or partially be mitigated by tax indemnification claims against the counterparty. A bankruptcy of a lessee would likely delay and potentially limit any efforts on the part of the lessors to assert their rights upon default and could delay the monetization of claims.

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