Public Service Electric and Gas Co. filed a proposal with the New Jersey Board of Public Utilities to invest $74 million to extend three popular energy efficiency programs and authorize two new initiatives.
The requested extension would allow PSE&G to continue energy efficiency efforts at hospitals and healthcare facilities, government facilities, non-profit organizations and small businesses, as well as residential multifamily buildings.
It would also allow PSE&G to launch two new initiatives to help customers save money on their home energy bill by encouraging residential customers to purchase smart thermostats and by providing selected customers with personalized energy reports.
"Our filing today with the BPU demonstrates PSE&G's continued commitment to energy efficiency, which is the lowest cost energy resource," said Courtney McCormick, vice president - renewables and energy solutions, PSE&G. "These programs continue our support for energy efficiency in critical sectors like hospitals, multifamily housing, non-profits, government agencies and small businesses while also allowing PSE&G to explore innovative new energy efficiency approaches for residential customers."
In addition to encouraging energy efficiency and lowering customer energy costs, the PSE&G filing further supports the New Jersey Energy Master Plan by reducing overall energy consumption in the state, producing environmental benefits, and creating jobs.
PSE&G's Hospital Efficiency Program has upgraded 34 hospitals by installing energy conserving equipment. The Residential Multifamily Housing Program has served more than 13,000 individual apartments and the Direct Install Program has helped more than 1,500 government facilities, non-profits, and small businesses become more energy efficient. Estimates show that the additional investment that is being requested will save enough electricity to power 9,000 average size homes annually and save enough natural gas to supply more than 7,000 homes each year.
The Hospital Efficiency Program helps hospitals and healthcare facilities upgrade outdated and unreliable heating, cooling, motors, lighting and other systems by providing expert advice, incentives and on-bill financing. Upgrades substantially reduce energy consumption and operating costs. PSE&G proposes to invest an additional $25 million for this program.
The Residential Multifamily Housing Program helps increase comfort and reduces energy costs by providing expert advice, incentives and on-bill financing to install efficient heating and hot water systems and controls, lighting, insulation, refrigerators and more in apartment buildings. PSE&G proposes to invest an additional $20 million for this program.
The Direct Install Program helps government agencies and non-profits, as well as small businesses located in Urban Enterprise Zones, reduce their energy consumption and bills by paying for 70 percent of project costs for lighting, heating and cooling systems upgrades, and by providing on-bill financing for the balance of the cost. PSE&G proposes to invest an additional $15 million for this program.