PSE&G Energy Efficiency Programs Deliver More Than $900 Million in Annual Utility Bill Savings for New Jersey Customers

Rhea-AI Summary

PSE&G (NYSE:PEG) reports that from program start in October 2020 through September 2025 nearly 480,000 customers participated in its Clean Energy Future–Energy Efficiency programs, delivering more than $900 million in estimated annual utility bill savings for New Jersey customers. Programs generated about 3.1 million MWh of annual electric savings and 80 million therms of natural gas savings, avoiding roughly 2.3 million tons of CO2 annually.

Additional metrics include >105,000 home energy assessments, ~350,000 smart thermostats sold, ~150,000 appliance rebates claimed, approximately $940 million in rebates delivered, >30,000 appliances recycled, ~32,000 business projects and >7,300 placements via a Clean Energy Jobs Program.

Positive

• Nearly 480,000 customers participated (Oct 2020–Sep 2025)
• More than $900 million in annual customer utility bill savings
• $940 million in rebates delivered to offset upgrade costs
• 3.1 million MWh electric savings annually
• 80 million therms natural gas savings annually
• >7,300 individuals placed into clean energy jobs

Negative

• None.

Key Figures

Annual customer savings: $900 million Program participants: 480,000 customers Home energy assessments: 105,000+ +5 more

8 metrics

Annual customer savings $900 million Annual utility bill savings from energy efficiency programs

Program participants 480,000 customers Customers participating since Oct 2020

Home energy assessments 105,000+ Residential assessments completed

Smart thermostats 350,000 Units sold via PSE&G Marketplace

Rebates delivered $940 million Rebates to offset energy-saving upgrades and products

Business projects 32,000+ Energy efficiency projects across ~20,000 businesses

Electric savings 3.1 million MWh Annual electric savings, enough to power ~453,000 homes

Carbon emissions avoided 2.3 million tons Annual emissions avoided via energy efficiency programs

Market Reality Check

Price: $80.42 Vol: Volume 2,308,348 vs 20-da...

normal vol

$80.42 Last Close

Volume Volume 2,308,348 vs 20-day average 2,876,634 (relative volume 0.8x). normal

Technical Price 79.05 is trading below the 200-day MA at 81.86 ahead of this release.

Peers on Argus

PEG gained 0.98% with mixed peer moves: ETR +1.43%, EXC +0.63%, XEL +0.5%, ED +0...

PEG gained 0.98% with mixed peer moves: ETR +1.43%, EXC +0.63%, XEL +0.5%, ED +0.15%, while WEC slipped -0.23%, indicating a stock-specific lean rather than a clear sector rotation.

Historical Context

5 past events · Latest: Jan 21 (Positive)

Pattern 5 events

Date	Event	Sentiment	Move	Catalyst
Jan 21	Board appointment	Positive	-0.5%	Election of experienced industry executive Geisha J. Williams to PEG’s board.
Dec 30	Contract extension	Positive	+0.3%	Five-year extension of PSEG Long Island operating agreement and leadership changes.
Dec 17	Customer ranking	Positive	-0.0%	PSE&G ranked #1 for residential electric service in East for fourth year.
Dec 08	Community initiative	Positive	-1.0%	Launch of $1.5M Community Relief Initiative supporting nonprofits and energy assistance.
Nov 18	Dividend declaration	Positive	-0.1%	Declaration of regular quarterly dividend of $0.63 per share for Q4 2025.

Pattern Detected

Recent positive operational and reputation news often saw flat-to-negative next-day moves, suggesting limited immediate price sensitivity to such headlines.

Recent Company History

Over the last few months, PEG news has focused on governance, customer satisfaction, community support and dividends. A new director with 35+ years industry experience, a Long Island contract extension through 2030, and repeated J.D. Power top rankings highlight operational and service strength. Community relief funding of $1.5 million and a regular $0.63 quarterly dividend underline stakeholder support. Today’s energy efficiency update extends this theme of customer savings and reliability-focused investment.

Market Pulse Summary

This announcement highlights PSE&G’s large-scale energy efficiency impact, with more than 480,000 cu...

Analysis

This announcement highlights PSE&G’s large-scale energy efficiency impact, with more than 480,000 customers participating and over $900 million in annual bill savings. The programs also delivered about 3.1 million MWh in electric and 80 million therms in gas savings, avoiding roughly 2.3 million tons of carbon emissions annually. In context of recent reliability awards and customer satisfaction wins, investors may watch how ongoing program results intersect with regulatory frameworks, capital spending and long-term affordability goals.

Key Terms

megawatt hours, therms

2 terms

megawatt hours technical

"customers have achieved approximately 3.1 million megawatt hours of electric savings annually"

A megawatt hour (MWh) is a measure of electricity equal to one million watts delivered or used continuously for one hour, so it tells you how much energy was produced, sold or consumed over time rather than the speed of delivery. Investors use MWh to compare generation output, revenue potential from power sales, and the effectiveness of storage or efficiency projects — think of it like gallons of fuel for a power plant: more MWh generally means more product to sell. Tracking MWh helps assess contract value, operating performance and how changes in demand or pricing affect a company’s cash flow.

therms technical

"Natural gas savings are approximately 80 million therms per year."

A therm is a standard unit of heat energy equal to 100,000 British thermal units (BTU), roughly 29.3 kilowatt-hours. It’s commonly used to measure natural gas volume and billing, so changes in price or consumption per therm directly affect utility revenues, fuel costs and profit margins; think of it like a “gallon” for gas energy that investors use to compare costs and earnings across companies.

AI-generated analysis. Not financial advice.

Participation from approximately 480,000 customers continues to deliver measurable energy savings

NEWARK, N.J., Jan. 27, 2026 /PRNewswire/ -- PSE&G's latest Clean Energy Future-Energy Efficiency (CEF-EE) report demonstrates continued savings for customers across New Jersey. From program implementation beginning in October 2020 through September 2025, nearly 480,000 customers participated in PSE&G's energy efficiency programs. Collectively, that participation is delivering more than $900 million in annual customer savingsⁱ.

These savings reflect a broad range of energy efficiency offerings designed to help customers use less energy and better manage utility costs. Offerings include energy assessments, appliance and HVAC rebates, lighting solutions, equipment upgrades and energy efficiency products available through the PSE&G Marketplace, giving customers multiple ways to take action based on their needs and preferences.

Additional program highlights include:

• More than 105,000 home energy assessments completed
• Nearly 350,000 smart thermostats sold via PSE&G Marketplace
• Approximately 150,000 rebates claimed for upgrades to energy-efficient appliances
• Approximately $940 million in rebatesⁱⁱ delivered to help offset the cost of energy-saving upgrades and products
• More than 30,000 appliances recycled through the PSE&G recycling program

Business Customers Benefit
Energy efficiency plays an important role for PSE&G's business customers across New Jersey, serving organizations of all sizes. We offer a range of solutions that support businesses in improving operational efficiency and managing energy use and utility costs. These programs also provide incentives that help offset the cost of energy efficiency upgrades and give businesses greater flexibility to reinvest resources into other operational priorities.

Approximately 20,000 businesses have implemented more than 32,000 projects to help improve energy efficiency and manage energy use as part of our energy efficiency programs. Among those small businesses, approximately 2,000 have participated through our Direct Install Programⁱⁱⁱ, resulting in nearly $25 million in annual utility bill savings^iv to those customers.

One example is St. Joseph's Health, which is undertaking energy efficiency projects at its facilities in Paterson and Wayne, New Jersey. Supported by PSE&G incentives, these projects are expected to help reduce energy use and manage operating costs over time. "Every dollar we're not spending on energy is a dollar we can put back into patient care," said Scott Reilly, director of maintenance and engineering at St. Joseph's Health.

Program Impact and Affordability
Across both residential and business customers, participation in PSE&G's energy efficiency programs has also contributed to energy and environmental outcomes. To date, customers have achieved approximately 3.1 million megawatt hours of electric savings annually, enough to power about 453,000 homes^v each year. Natural gas savings are approximately 80 million therms per year. Combined, these efforts are helping to avoid approximately 2.3 million tons of carbon emissions avoided annually, equivalent to removing more than 500,000 gasoline-powered cars from the road for one year^vi.

As affordable energy remains a concern, growing regional demand for electricity will continue to put pressure on the energy system. PSE&G stands ready to work with the state on near- and long-term solutions, including energy efficiency, as well as additional power generation and transmission and distribution solutions to support reliability and help maintain stable energy costs.

"Energy efficiency is one of the tools we use to help customers reduce energy use and manage their utility costs," said Lauren Thomas, vice president of Clean Energy Solutions - Customer Solutions at PSE&G. "Maintaining affordability and enhancing the customer experience remain central to this work. The investments we make through these programs largely flow back into New Jersey, supporting local businesses, contractors and trade allies while delivering value for customers."

In addition to customer and business impacts, energy efficiency investments also support workforce development across New Jersey. Through PSE&G's sponsored Clean Energy Jobs Program these efforts have helped place more than 7,300 individuals into clean energy careers^vii, supporting the skilled workforce needed to deliver energy efficiency projects and serve customers across the state.

PSE&G aims to be a trusted energy advisor, providing customers with resources and tools to help better manage utility costs and make more informed decisions about energy use. For more information on PSE&G's energy efficiency programs, visit homeenergy.pseg.com for residential customers or bizenergy.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 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 Dow Jones Sustainability Index for North America for 17 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 The figure reflects one-time rebates provided to help offset the upfront costs of energy-saving upgrades and products for residential and business customers.  The rebate amount is not included in the annual customer savings.
iii 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 300 kW peak demand or less than 40,000 therms.
iv Retail bill savings are based on rate class averages for small commercial customers.
v Based on the median annual consumption of PSE&G's residential customers.
vi Vehicle equivalency is based on EPA conversion factors.
vii The Clean Energy Jobs Program placement numbers are reported through December 2025 to reflect the most current available data.

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

How much did PSE&G (PEG) say customers saved annually from its energy efficiency programs?

PSE&G reported more than $900 million in estimated annual utility bill savings for customers.

What time period does PSE&G's Clean Energy Future–Energy Efficiency report cover for the participation numbers?

The report covers program implementation from October 2020 through September 2025.

How much energy did PSE&G (PEG) say was saved annually from the programs?

Customers achieved approximately 3.1 million MWh of electric savings and about 80 million therms of natural gas savings annually.

How many businesses and projects participated in PSE&G's energy efficiency programs?

About 20,000 businesses implemented more than 32,000 projects, including ~2,000 via the Direct Install Program.

What rebate and incentive totals did PSE&G (PEG) report to help offset upgrade costs?

The company reported approximately $940 million in rebates delivered to help offset energy-efficiency upgrade costs.

What workforce impact did PSE&G report related to its energy efficiency programs?

PSE&G said its Clean Energy Jobs Program helped place more than 7,300 individuals into clean energy careers.