A southern New Jersey town is moving forward on a $5 million solar energy plant it hopes will help lower its electricity bills for the next 15 years.

Millville is finalizing plans for the facility near its sewer plant, about 43 miles from Philadelphia. The Press of Atlantic City reports the project will use 4,800 solar panels on the 8-acre site.

It would be operated by a private company but owned by the city. Assistant City Engineer Rich Jones says when the plant is finished by the end of next year, Millville will buy energy from it for 7 cents per kilowatt, down from the more than 12 cents it currently pays.

The company will be allowed to raise prices 2 percent a year for 15 years.

(Copyright 2011 by The Associated Press. All Rights Reserved.)