PSEG’s energy efficient programs expected to save $484M annually on utility bills

In a new report on its energy efficient initiatives, PSEG said more than 380,000 of its New Jersey customers have utilized its suite of energy efficiency programs to save money.

PSE&G’s Clean Energy Future Energy Efficiency (CEF-EE) said that participating customers are projected to save a collective $484 million annually on their utility bills through the various program initiatives. The initiatives include home energy assessments, smart thermostats, and power strips acquired through the PSE&G Marketplace. Further, the program has provided over 97,000 retail appliance rebates for energy-efficient electric appliances, which has helped to reduce energy consumption.

Electric customers involved in these initiatives are projected to save more than 2.1 million megawatt-hours of electricity annually, which is enough to power over 312,000 New Jersey homes each year. Participating natural gas customers are also expected to save approximately 57 million therms of natural gas annually.

All together, these efforts are estimated to avoid about 1.6 million metric tons of carbon dioxide emissions each year. That is equivalent to the emissions from 349,000 cars on the road for a year.

“We are pleased with the steady progress of our energy efficiency programs, our initiatives are making a measurable difference, allowing customers to lower both their utility bills and energy usage, which in turn supports New Jersey’s clean energy objectives,” Karen Reif, vice president of Renewables and Energy Solutions, PSE&G, said.

Additionally, PSE&G’s commercial and industrial (C&I) energy efficiency programs have delivered collective annual savings of approximately $12 million for participating business customers. The programs are projected to save 52 thousand megawatt-hours of electricity annually, along with an estimated 2.4 million therms of natural gas.

Henry Wong, owner of Carvel Ice Cream in Pennington, N.J., participated in PSEG’s Direct Install program and upgraded two aging rooftop HVAC units with dual enthalpy economizers and smart start features. The results were impressive, saving him $10,000 in installation and maintenance costs and over $1,600 per year in electricity expenses.

PSE&G also sponsors the Clean Energy Jobs Program, which seeks to expand the state’s clean energy workforce. The program has successfully placed over 2,500 New Jersey residents in clean energy jobs.

Since 2021, PSE&G’s energy efficiency programs have earned over 50 awards, including the 2024 ENERGY STAR Partner of the Year Award for Sustained Excellence.

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