I know, the Dow just shed another 500 points. Hardly the time to fell bullish about anything. Like everyone, I might drop dead at my keyboard if I start looking at the financial damage done to me personally.

But you'll find one somewhat upbeat fellow in these times, Public Service Electric and Gas' (PSE&G) president and COO, Ralph LaRossa. PSE&G is the utility that serves New Jersey.

He feels that despite the downturn, and what's shaping up to be an extended period of economic malaise, now is the time to invest in cleantech to better reap the rewards. New Jersey & Company tells us...

"The temptation at times like this is to hunker down, to take no risks, to delay investments until the economy somehow recovers on its own. But that, in my view, would be exactly the wrong path," LaRossa said.

"When we invest in energy efficiency, homeowners and businesses can save money for years, even decades. When we invest in solar power and wind power, we create green-collar jobs and answer the need to combat climate change. When we invest in modern transmission lines, we help to contain electricity costs and improve reliability. In each case, we are building a stronger and more productive economy," LaRossa said.

Pretty interesting to read.

You see, my home state of New Jersey (go ahead, I'll let you get some knocks in) is already in a tough economic spot. Nonetheless, PSE&G is going ahead with a pretty big (for us) offshore wind project which is expected to generate more employment once a couple of hurdles are cleared. And according to his calculations, any expenditures now will result in a net positive in more ways than one.

"Statewide, we believe there is room for $2 billion in efficiency investments over the next five years," LaRossa said. "That would create 2,200 good jobs. It would reduce carbon dioxide emissions by 7 million tons over that period. And it would lower bills."

Here's hoping he's right.