New Jersey regulators on September 23, 2020 approved a $1 billion investment in energy efficiency, the centerpiece of PSE&G’s historic Clean Energy Future proposal. It’s the largest commitment to energy efficiency ever in New Jersey, and is expected to lower customer bills and environmental impacts while creating jobs and boosting the state’s economy. This program builds on PSE&G’s previous energy efficiency initiatives as we strive to bring the benefits of energy efficiency to every PSE&G customer.
PSE&G will invest $1 billion through 10 energy efficiency programs that will reduce environmental impacts and help customers reduce their energy consumption by using energy efficient equipment, technologies and strategies. The program is a vital step toward achieving Gov. Phil Murphy’s clean energy vision, propelling New Jersey’s economic and environmental sustainability policies to a new level.
Energy efficiency costs less than any source of energy, making it the most economical way to reduce air pollution and greenhouse gas emissions. It saves U.S. consumers approximately $90 billion a year by helping them cut their energy bills.
PSE&G’s energy efficiency program will save customers $1 billion on their utility bills, by helping them reduce their energy use, while also creating opportunities for improving air quality and public health and reducing the state’s carbon footprint.
Over the life of the program, energy efficiency investments are expected to:
- Reduce carbon dioxide emissions by 8 million metric tons through 2050 and put the state on track to meet its greenhouse gas reduction goals.
- Save enough electricity to power more than 2 million homes for a year and enough natural gas to supply more than 360,000 homes for a year; and
- Create 3,200 direct jobs and 1,100 indirect jobs in the first three years of the program.
New Jersey has set ambitious public goals for renewable energy, and now has the opportunity to aggressively advance its energy efficiency agenda. On the American Council for an Energy-Efficient Economy’s 2019 national energy efficiency scorecard, New Jersey ranked 34th in the nation in 2018 for actual electricity savings.
That’s where PSE&G’s energy efficiency program can make a difference. The initiative aligns New Jersey with states where policy makers have embraced the role of the utility in delivering universal access to energy efficiency, and adjusted their regulations to encourage the spread of energy efficiency. New Jersey has joined other states where utility incentives promote public policy goals to help customers reduce their energy consumption. PSE&G’s energy efficiency program, together with other programs under consideration by the state, are estimated to lift New Jersey into the top five states for electric and gas savings, and help the state achieve the NJBPU’s preliminary annual energy savings targets of 2.15% for electricity and 1.1% for gas within five years.
PSE&G aims to build on its success in providing efficiency programs to hospitals and apartment buildings, as well as buildings that house nonprofits, small businesses and government agencies, helping them to reduce their energy bills by millions of dollars a year.
PSE&G’s Clean Energy Future energy efficiency program is a leap forward in the effort to lower utility bills, improve New Jersey’s environment and create green jobs that will help drive the economy. This program closely aligns with and supports state public policy, including the New Jersey Energy Master Plan, and builds on PSE&G’s existing energy efficiency efforts.