$4 Billion in
Projected Lifetime Bill Savings for Participating Customers
NEWARK, N.J.,
Oct. 30,
2024 /PRNewswire/ -- PSE&G today announced the
approval of its Clean Energy Future - Energy Efficiency II Program
(CEF-EE II) by the New Jersey
Board of Public Utilities (NJBPU). Spanning from January 2025 to June
2027, this next program cycle is designed to continue
delivering energy efficiency programs and measures to help
New Jersey residents and
businesses save energy, reduce utility costs and lower carbon
emissions.
This initiative aims to help achieve the New Jersey clean energy annual reduction
targets of 2% in electric usage and 0.75% in natural gas usage set
forth in the 2018 Clean Energy Act and the NJBPU's energy
efficiency framework orders. Over the next six years, the program
will include an investment budget of $1.9
billion, net of administrative expenses, and provides nearly
$1 billion of funding to continue the
popular on-bill repayment program, which supports affordability and
allows customers to repay the cost of equipment upgrades over time
directly through their PSE&G bill.
This new cycle will fund 10 programs aimed at helping
residential and business customers reduce their energy usage,
bills, and carbon footprint, while supporting economic growth in
New Jersey. PSE&G projects
that these investments will create and sustain approximately 3,500
direct jobs annually in sectors such as equipment installation,
technology services and clean energy.
Specifically, eight of these programs will focus on continuing
to deliver PSE&G's comprehensive suite of energy efficiency
offerings, while two new programs will target building
decarbonization and demand response. The building decarbonization
program aims to incentivize the installation of heat pumps and
other electric measures to replace fossil fuel equipment, thereby
advancing efforts to decarbonize homes and businesses. Meanwhile,
the demand response program will encourage customers to reduce
electric consumption during peak demand periods and help them
manage their overall usage to support the reliability of the
electric grid.
The combined energy savings for participants are expected to
generate gross lifetime bill savings of approximately $4 billion, as well as societal benefits such as
providing targeted support to low income and overburdened
communities, and the avoidance of nearly 10 million metric tons of
carbon dioxide emissions. Additionally, the expansion of the
company's award-winning Clean Energy Jobs Program, which will
provide enhanced job training for emerging technologies, such as
heat pump installations, helps ensure that the workforce is
well-prepared for New Jersey's
clean energy future.
"Our goal is to continue helping New
Jersey residents and businesses save energy and reduce their
costs," said Kim Hanemann, president
and COO, PSE&G. "With the approval of this new program cycle,
we aim to enhance our energy efficiency offerings, providing
valuable resources and support to our customers. By helping lower
carbon emissions across the state, this initiative reflects our
commitment to a sustainable energy future where people use less
energy that is cleaner, safer and delivered more reliably than
ever."
Building on the Success of the CEF-EE I Program
Since its launch in 2021 through June
2024, PSE&G's CEF-EE I programs have achieved
significant milestones. As of the latest reports, nearly 400,000
customers have participated in energy efficiency initiatives and
are collectively projected to save more than $500 million annually on their energy bills. The
program conserved 2.3 million megawatt-hours of electricity—enough
to power nearly 335,000 homes—and avoided approximately 1.7 million
metric tons of carbon emissions, equivalent to removing nearly
375,000 gasoline-powered cars off the road per year. Additionally,
the Clean Energy Jobs Program has helped place over 2,600
individuals in clean energy careers.
PSE&G's programs have garnered widespread recognition,
earning over 55 awards, including Energy Star Partner of the Year
for three consecutive years. These accolades underscore the
company's leadership in energy efficiency and sustainability.
For more information on how to participate in PSE&G's energy
efficiency programs, visit homeenergy.pseg.com for residential
customers or bizsave.pseg.com for business customers.
Information on payment assistance programs is available at
pseg.com/help
For more information, click here: PSE&G Clean Energy
Future – Energy Efficiency (CEF-EE II) Supplemental Summary
(October 2024)
PSE&G
Public Service Electric & Gas Co. is
New Jersey's oldest and largest
gas and electric delivery public utility, as well as one of the
nation's largest utilities. PSE&G has won the ReliabilityOne®
Award for superior electric system reliability in the Mid-Atlantic
region for 22 consecutive years. For the third consecutive year,
PSE&G is the recipient of the ENERGY STAR Partner of the Year
award in the Energy Efficiency Program Delivery category. In
addition, in 2023 J.D. Power named PSE&G number one in customer
satisfaction with residential and business electric service in the
east among large utilities. PSE&G is a subsidiary of Public
Service Enterprise Group Inc., (PSEG) (NYSE:PEG), a predominantly
regulated infrastructure company focused on a clean energy future
and has been named to the Dow Jones Sustainability Index for
North America for 16 consecutive
years (www.pseg.com).
Forward-Looking Statements
This release
includes forward-looking statements, including but not limited to
statements regarding anticipated or expected energy savings, cost
saving and greenhouse gas emissions avoidance. There can be no
assurance that such energy and costs savings and greenhouse gas
emissions avoidance will be realized in the amounts described and /
or in the timeframes anticipated. Such statements are based on
management's beliefs as well as assumptions made by and information
currently available to management but are subject to risks and
uncertainties, which could cause actual results to differ
materially from those anticipated. Factors that may cause actual
results to differ include, without limitation: the ability to
implement our energy efficiency business strategy, and customer
adoption of our energy efficiency offerings. All forward-looking
statements made in this release are qualified by these cautionary
statements and readers are cautioned not to place undue reliance on
these forward-looking statements The forward-looking statements
contained in this Report are intended to qualify for the safe
harbor provisions of Section 27A of the Securities Act of 1933, as
amended, and Section 21E of the Securities Exchange Act of 1934, as
amended.
Visit PSEG at:
www.pseg.com
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SOURCE PSE&G