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Financing Receivables
 12 Months Ended
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 Customer20202019
 Millions
Commercial/Industrial$145 $156 
Residential6 8 
Total151 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:
ProgramsBalance as of December 31, 2020Funding ProvidedResidential Loan TermNon-Residential Loan Term
Millions
Solar Loan I$20 prior to 201310 years15 years
Solar Loan II69 prior to 201510 years15 years
Solar Loan III62 largely funded as of December 31, 202010 years10 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, 2020As of December 31, 2020
 Millions
AA$9 
A-54 
BBB+ to BBB196 
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 Customer20202019
 Millions
Commercial/Industrial$145 $156 
Residential6 8 
Total151 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:
ProgramsBalance as of December 31, 2020Funding ProvidedResidential Loan TermNon-Residential Loan Term
Millions
Solar Loan I$20 prior to 201310 years15 years
Solar Loan II69 prior to 201510 years15 years
Solar Loan III62 largely funded as of December 31, 202010 years10 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, 2020As of December 31, 2020
 Millions
AA$9 
A-54 
BBB+ to BBB196 
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).