PSE&G Energy Efficiency Programs Deliver More Than $1.15 Billion in Economic Output Across New Jersey--And $2.85 for Every $1 Invested

Independent modeling of PSE&G’s 2025 efficiency portfolio shows sizable statewide gains in output, jobs, wages and tax revenue from program spending.

Rhea-AI Summary

Public Service Enterprise Group (PEG) reported that PSE&G's 2025 energy efficiency programs generated more than $1.15 billion in total economic output across New Jersey, based on an economic impact analysis by E Source.

The study found that every $1 invested in the programs produced $2.85 in economic output and supported approximately 4,737 jobs, or 11.7 jobs for every $1 million invested. Modeled portfolio investment totaled about $404.5 million, covering roughly 60,000 customers and 75,000 projects. Related impacts included around $467 million in wages and $164 million in local, state and federal tax revenue, reflecting direct, supply‑chain and household‑spending effects.

Positive

• $2.85 economic output generated for every $1 invested in 2025 programs
• More than $1.15 billion in total economic output from 2025 projects
• $404.5 million in portfolio investment across about 60,000 customers and 75,000 projects
• Programs supported approximately 4,737 jobs, or 11.7 jobs per $1 million invested
• Related wages of approximately $467 million and tax revenue of about $164 million
• Company reports participating customers have cumulatively saved over $1 billion on energy bills

Negative

• None.

AI-generated analysis. How Rhea-AI works. Not financial advice.

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New analysis highlights broader statewide benefits of 2025 program activity, including jobs, wages and tax revenue

NEWARK, N.J., Sept. 22, 2026 /PRNewswire/ -- PSE&G's energy efficiency programs are helping participating customers save energy and manage costs while also generating broader economic benefits across New Jersey, according to a new economic impact analysis conducted by E Source.

Commissioned by PSE&G, the analysis found that every $1 invested in the utility's energy efficiency program generated $2.85 in economic output. Projects completed in 2025 generated more than $1.15 billion in total economic output. The analysis also found approximately $467 million in associated wages and $164 million in local, state and federal tax revenue across New Jersey.

The findings build on the measurable benefits PSE&G's energy efficiency programs are already delivering for residential and business customers. In July, PSE&G highlighted the bill savings impact of the programs for participating customers, including helping them save over $1 billion while reducing energy use and better managing energy costs.

This new analysis looks beyond those direct customer benefits to provide a broader view of how energy efficiency investments contribute to New Jersey's economy.

"Energy efficiency starts with delivering real value for our customers," said Lauren Thomas, vice-president, PSE&G Clean Energy Solutions – Customer Solutions. "These findings show that the value of the programs extends beyond bill savings to support economic activity across New Jersey, creating benefits for businesses, workers and communities throughout the state."

The analysis focused on PSE&G Clean Energy Future-Energy Efficiency II projects completed during calendar year 2025. Approximately $404.5 million in portfolio investment was modeled, representing approximately 60,000 participating customers and 75,000 projects.

Nearly half of the $1.15 billion in economic output came from the direct impact of program investments and customer projects. The remaining value came through supply-chain activity and household spending associated with wages and energy bill savings, showing how program investments generate additional economic activity statewide.

2025 Economic Impact

E Source's analysis found that PSE&G energy efficiency projects completed in 2025 generated:

• $2.85 in economic output for every $1 invested
• More than $1.15 billion in total economic output
• Approximately 4,737 jobs supported
• 11.7 jobs supported for every $1 million invested
• Approximately $467 million in related wages
• Approximately $164 million in related local, state and federal tax revenue

PSE&G commissioned E Source to conduct the study using IMPLAN, an industry-standard economic modeling framework that incorporates New Jersey-specific economic relationships. The analysis examined economic activity associated with program expenditures, participant investments and energy savings, including direct, supply-chain and household-spending impacts.

To learn more about PSE&G's energy efficiency programs and view the economic impact study, visit pseg.com/ImpactHub.

Read the full PSE&G Energy Efficiency Economic Impact Analysis or the Executive Summary.
 

# # #

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 has won the ReliabilityOne^® Award for superior electric system reliability in the Mid-Atlantic region for 24 consecutive years. In 2025, for the fourth consecutive year, J.D. Power named PSE&G number one in customer satisfaction for residential 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 named to the North America Dow Jones Best in Class Index for 18 consecutive years (www.pseg.com).

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

CONTACT:
Media Relations
Anide Eustache
862-370-5500
anide.eustache@pseg.com

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SOURCE Public Service Electric & Gas Company (PSE&G)

FAQ

AI-generated questions and answers. How Rhea-AI works. Not financial advice.

What specific program activity did the 2025 economic impact analysis cover?

The analysis focused on PSE&G Clean Energy Future–Energy Efficiency II projects completed during calendar year 2025, modeling approximately $404.5 million in portfolio investment across about 60,000 participating customers and 75,000 projects.

How were the broader economic impacts of PSE&G’s efficiency programs estimated?

E Source used the IMPLAN economic modeling framework, which incorporates New Jersey‑specific economic relationships, to examine activity associated with program expenditures, participant investments and energy savings, including direct, supply‑chain and household‑spending impacts.

Beyond economic output, what categories of benefits did the study quantify?

The study quantified economic output, jobs supported, jobs per $1 million invested, related wages of about $467 million, and approximately $164 million in related local, state and federal tax revenue linked to 2025 program activity.

How do these findings relate to prior reported benefits for PSE&G customers?

In July, the company reported that participating customers had saved over $1 billion on energy bills through the energy efficiency programs; the new analysis extends beyond those direct savings to show wider economic effects on New Jersey’s economy.

Where can stakeholders access the full economic impact study and program details?

Stakeholders can visit pseg.com/ImpactHub to learn more about PSE&G’s energy efficiency programs and access the full Energy Efficiency Economic Impact Analysis and its executive summary.