PSE&G Announces Approval of Clean Energy Future-Energy Efficiency II Program to Drive Continued Energy Savings in New Jersey

Core Insights - PSE&G's Clean Energy Future - Energy Efficiency II Program (CEF-EE II) has been approved, aiming to save customers $4 billion in lifetime bill savings while reducing energy usage and carbon emissions [1][5][6] Program Overview - The CEF-EE II program will run from January 2025 to June 2027, with a budget of $1.9 billion, net of administrative expenses, and nearly $1 billion allocated for an on-bill repayment program [2][3] - The initiative supports New Jersey's clean energy targets of 2% reduction in electric usage and 0.75% in natural gas usage as per the 2018 Clean Energy Act [2] Job Creation and Economic Impact - The program is expected to create and sustain approximately 3,500 direct jobs annually in sectors like equipment installation and clean energy [3][5] - It aims to provide targeted support to low-income and overburdened communities while avoiding nearly 10 million metric tons of carbon dioxide emissions [5] Specific Programs - Eight programs will focus on energy efficiency, while two new programs will target building decarbonization and demand response [4] - The building decarbonization program will incentivize the installation of heat pumps to replace fossil fuel equipment [4] Previous Program Success - The previous CEF-EE I program, running from 2021 to June 2024, helped nearly 400,000 customers save over $500 million annually and conserved 2.3 million megawatt-hours of electricity [7] - The program also avoided approximately 1.7 million metric tons of carbon emissions, equivalent to removing nearly 375,000 gasoline-powered cars from the road [7] Recognition and Awards - PSE&G has received over 55 awards for its energy efficiency programs, including the Energy Star Partner of the Year for three consecutive years [8]