TRENTON, N.J. (CBSNewYork/AP) — A New Jersey company said 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 was 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.

Is solar energy a viable power source? Leave a comment below…

(TM and Copyright 2011 CBS Radio Inc. and its relevant subsidiaries. CBS RADIO and EYE Logo TM and Copyright 2011 CBS Broadcasting Inc. Used under license. All Rights Reserved. This material may not be published, broadcast, rewritten, or redistributed. The Associated Press contributed to this report.)

Watch & Listen LIVE