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PSE&G's Energy Efficiency Programs Expected to Lead to Approximately $300 Million Saved and Over One Million Metric Tons of Carbon Dioxide Emissions Reduced/Avoided Annually

Published: 2023-06-14 12:00:00 ET

Customers Participating in PSE&G's Energy Efficiency Programs to Save Over 1.4 Million Megawatt Hours of Electricity Per Year – Enough to Power Over 200,000 Homes for One Year

NEWARK, N.J., June 14, 2023 /PRNewswire/ -- In its first 30 months since implementation close to 1.7 million customers have received services from PSE&G's award winning energy efficiency programs, including approximately 300,000 customers who took action to save energy through these programs. Through their participation in these programs, customers are expected to save approximately $300 million1 on their utility bills annually. These savings are the result of many program activities, including recycling over 16,000 appliances, delivering over 11 million high-efficiency LED lightbulbs and completing over 53,000 home energy audits from the program's implementation through March 2023.

PSE&G's programs also are expected to lead to a savings of over 1.4 million megawatt hours of electricity per year, which is enough to power over 200,000 New Jersey homes for a year2. Participating natural gas customers are expected to save a total of approximately 35 million therms of natural gas per year. The combined Electric and Gas energy savings from PSE&G's programs are expected to avoid approximately 1 million metric tons of carbon dioxide emissions3 per year or roughly the amount emitted by 220,000 gasoline-powered cars on the road over a one-year period4.

"Helping customers become more energy efficient is key to our state's clean energy future and PSEG's vision to power a future where people use less energy and that energy is cleaner, safer and delivered more reliably than ever," said Karen Reif, vice president of PSE&G Renewables and Energy Solutions. Reif continues, "Energy Efficiency is one of New Jersey's most cost effective tools in reducing energy use and fighting climate change and we are proud of our continued role in providing programs, resources and strategies to help NJ and our customers achieve this goal."

As part of the PSE&G Clean Energy Future Energy Efficiency program that the New JerseyBoard of Public Utilities approved in September 2020, PSE&G launched ten programs in 2021 specifically designed to provide residential and commercial customers with various options to reduce their energy consumption and save money while lowering their carbon footprint.

PSE&G's programs allow residential customers to receive discounts on high efficiency products and energy efficient equipment and services, including free home energy assessments. For business customers, PSE&G provides solutions that include whole-building energy efficiency retrofits.

From July 2021 to March 2023, PSE&G helped its customers:

Recycle over 16,000 appliances;
Obtain over 53,000 home energy audits*;
Receive over 400,000 efficiency kits through food banks for underserved customers; and
Acquire over 11 million high efficiency LED lightbulbs.

Since 2021, PSE&G's energy efficiency programs (including the Clean Energy Jobs Program) have won over 25 awards in a variety of categories, including program design, program marketing and best practices. In March 2023, for the second consecutive year, PSE&G received the ENERGY STAR Partner of the Year Award in the Energy Efficiency Program Delivery category from the U.S. Environmental Protection Agency (EPA) and the U.S. Department of Energy. The Partner of the Year Award in Energy Efficiency Program Delivery is bestowed on organizations for sponsoring energy efficiency programs that improve the efficiency of products, homes, and buildings within their community or territory.

Recently, the New JerseyBoard of Public Utilities (BPU) approved a $280 million extension of the PSE&G Clean Energy Future-Energy Efficiency program. The nine-month extension puts PSE&G's program on the same regulatory schedule as other New Jersey utilities' energy efficiency programs and will enable PSE&G to continue to provide all of its customers with options to reduce their energy consumption and lower their utility bills.

PSE&G's energy efficiency programs have also spurred economic growth with an emphasis on equity. The Clean Energy Jobs Program sponsored by PSE&G supports the ambitious targets set by the Clean Energy Act by developing a qualified workforce and providing jobs that will be critical to achieving New Jersey's clean energy future. Since its implementation PSE&G's Clean Energy Jobs Program has already supported the hiring of more than 2,200 New Jersey residents to entry, mid and senior-level positions and advancing professional skills to work in New Jersey's clean energy industry. Read more about this program at: pseg.com/cleanenergyjobs.

For more information on PSE&G's energy efficiency programs including how to sign up, visit homeenergy.pseg.com for residential customers or bizsave.pseg.com for business customers. Energy efficiency can help lower your energy use in the future; if you or someone you know is struggling to pay or manage a utility bill right now, PSE&G has many resources available: visit our Help Now website pseg.com/help.

PSE&GPublic 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 is the 2022 Edison Award recipient from the Edison Electric Institute. PSE&G has won the ReliabilityOne® Award for superior electric system reliability in the Mid-Atlantic region for 21 consecutive years. For the second 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, J.D. Power named PSE&G number one in customer satisfaction for both Residential Electric and Natural Gas 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 15 consecutive years (www.pseg.com).

Visit PSEG at:www.pseg.com PSEG on Facebook PSEG on Twitter PSEG on LinkedIn

1 Retail bill savings are based on rate class averages for residential and small commercial customers2 Based on the median annual consumption of PSE&G's residential customers3 Carbon dioxide savings for electricity are based on EPA eGRID marginal emission rates for the eastern RFC region4 Vehicle equivalency is base on EPA conversion factors*Home energy audit includes: Home Performance with ENERGY STAR®(HPwES), Home Weatherization Program and Quick Home Energy Check-up (QHEC)

CONTACT:Media RelationsMarijke Shugrue908-531-4253Marijke.Shugrue@pseg.com

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Certain investments are not suitable for all investors. Before investing, consider your investment objectives and applicable fees. The rate of return on investments can vary widely over time, especially for long term investments. Investment losses are possible, including the potential loss of all amounts invested. Information provided by Enhanced Investments is for informational and general educational purposes only and is not investment or financial advice.