PSE&G's Energy Efficiency Programs Projected to Save $445M and Avoid Approximately 1.5M Metric Tons of Carbon Emissions Annually

Participants in Energy Efficiency Initiatives Expected to Save Nearly 2M Megawatt Hours of Electricity Each Year—Enough to Power More Than 290,000 Homes

NEWARK, N.J., April 4, 2024 /PRNewswire/ -- PSE&G's latest report on its Clean Energy Future Energy Efficiency (CEF-EE) initiatives indicates a continuation of significant accomplishments from programs through December 31, 2023. Since the start of the CEF-EE program, approximately 1.8 million customers have benefited from PSE&G's energy-saving tools, receiving valuable insights through energy usage reports, with about 360,000 taking action to save energy and money through PSE&G's suite of energy efficiency programs.

Participating customers are projected to save a collective $445 million[i] annually on their utility bills thanks to various program initiatives such as conducting approximately 65,000 home energy assessments[ii]. Moreover, residential customers purchased 305,000 smart thermostats and 85,000 power strips through PSE&G Marketplace benefiting from the rebates offered for these items.

PSE&G's energy efficiency programs are delivering significant benefits to participants. For electric customers involved in these initiatives, projected savings exceed 2 million megawatt-hours of electricity annually, enough to power over 290,000 New Jersey homes each year[iii]. Additionally, participating natural gas customers are expected to save approximately 52 million therms of natural gas annually. Together, these efforts are estimated to avoid about 1.5 million metric tons of carbon dioxide emissions annually[iv], roughly equivalent to the emissions from 325,000 gasoline-powered cars on the road for a year[v].

Moreover, PSE&G's commercial and industrial (C&I)[vi] energy efficiency programs have yielded impressive results. Specifically, the PSE&G Small Business Direct Install Program has generated collective annual savings of around $10.5[vii] million for participating business customers on their utility bills[i]. This program is also projected to result in savings of 43 thousand megawatt-hours of electricity per year, along with anticipated natural gas savings of approximately 2 million therms annually for participating electric and/or gas business customers. Collectively, the energy savings from these C&I initiatives are expected to avoid approximately 37 thousand metric tons of carbon dioxide emissions each year[viii], or roughly the equivalent emissions of 8,000 gasoline-powered cars on the road for one year[ix].

Karen Reif, vice president of Renewables and Energy Solutions, PSE&G, expressed, "We're delighted with the ongoing strong results of our energy efficiency initiatives and proud to continue offering our customers energy-efficient options that save them energy and money. Our efforts align with New Jersey's clean energy goals, and we're committed to working tirelessly to help individuals, businesses and the state achieve sustainability goals."

In addition to these achievements, PSE&G proudly sponsors the Clean Energy Jobs Program, dedicated to creating economic opportunities in the clean energy sector for unemployed, underemployed, and low/middle-income individuals in New Jersey. We prioritize hiring from the communities we serve, ensuring that residents and underrepresented groups benefit from these opportunities. To date, the program has facilitated the hiring of more than 2,400 New Jersey residents in clean energy jobs, underscoring our commitment to supporting the state's clean energy goals and fostering job creation within our communities.

PSE&G continues to be recognized for its achievements. Since 2021, PSE&G's energy efficiency programs have earned nearly 50 awards, including, most recently, the 2024 ENERGY STAR® Partner of the Year Award for Sustained Excellence, which is presented to partners who have already received the organization's Partner of the Year recognition for a minimum of two consecutive years. 

For more information on PSE&G's energy efficiency programs, including how to participate, visit homeenergy.pseg.com for residential customers or bizsave.pseg.com for business customers.

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 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 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.

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[i] Retail bill savings are based on rate class averages for residential and small commercial customers
[ii] Home energy audit includes: Home Performance with ENERGY STAR®(HPwES), Home Weatherization Program and Quick Home Energy Check-up (QHEC)
[iii] Based on the median annual consumption of PSE&G's residential customers
[iv] Carbon dioxide savings for electricity are based on EPA eGRID marginal emission rates for the eastern RFC region
[v] Vehicle equivalency is based on EPA conversion factors
[vi] The PSE&G Small Business Direct Install Program is designed to deliver comprehensive, cost-effective, energy efficiency equipment for eligible PSE&G business customers, with 12-month individual facility electricity average peak demand usage of less than 200 kW.
[vii] Retail bill savings are based on rate class averages for small commercial customers
[viii] Carbon dioxide savings for electricity are based on EPA eGRID marginal emission rates for the eastern RFC region
[ix] Vehicle equivalency is based on EPA conversion factors

SOURCE PSE&G