PSE&G Energy Efficiency Programs Deliver Nearly $720 Million in Annual Utility Bill Savings and Additional $740 Million in Rebate Savings to New Jersey Customers

Rhea-AI Summary

PSE&G (NYSE:PEG) has reported significant achievements in its Clean Energy Future-Energy Efficiency (CEF-EE) programs, delivering substantial savings to New Jersey customers. Nearly 465,000 customers have participated, achieving $720 million in annual utility bill savings and an additional $740 million in rebate savings.

The program's success includes over 95,000 home energy assessments, more than 140,000 appliance upgrade rebates, and assistance to 18,500 businesses with approximately 28,000 efficiency projects. Small businesses are projected to save $19 million annually through the Direct Install program. The initiatives are expected to save 2.8 million megawatt-hours of electricity annually, enough to power 406,000 homes, and reduce carbon emissions by 2.1 million metric tons annually.

Positive

• Annual utility bill savings of $720 million for customers
• Additional $740 million delivered in customer rebates
• Large-scale participation with 465,000 customers engaged
• Significant environmental impact with 2.1 million metric tons of carbon emissions avoided annually
• Strong business participation with 18,500 businesses implementing 28,000 efficiency projects
• Creation of clean energy jobs with 4,100 individuals placed in roles
• Recognition with 75 industry awards for program excellence

Negative

• Ongoing supply and demand challenges affecting energy costs across New Jersey
• Lack of forecasted electric supply noted as a main driver of electric supply increase
• Growing electricity demand outpacing available supply

Insights

Sustainability and ESG Analyst

PSE&G's energy efficiency programs are delivering substantial customer savings while advancing NJ's clean energy goals and improving the utility's ESG profile.

PSE&G's latest Clean Energy Future-Energy Efficiency report demonstrates impressive financial benefits for customers, with nearly 465,000 participants collectively saving $720 million annually on utility bills, plus receiving approximately $740 million in rebates to date. These figures represent tangible evidence of the program's effectiveness in addressing energy affordability concerns.

The scale of participation is particularly noteworthy, with over 95,000 home energy assessments, 140,000 appliance upgrade rebates, and 340,000 smart thermostats purchased. The business side shows equally strong adoption with 18,500 commercial customers implementing around 28,000 efficiency projects.

From an environmental perspective, the combined energy savings—2.8 million megawatt-hours of electricity and 75 million therms of natural gas annually—translate to approximately 2.1 million metric tons of avoided carbon emissions per year. This positions PSE&G as a significant contributor to New Jersey's decarbonization goals.

The utility's workforce development initiative has already placed over 4,100 individuals in clean energy roles, creating a valuable social impact dimension while addressing industry labor needs. The 75 industry awards received further validate the quality of these programs.

PSE&G's strategic messaging around both near-term savings and long-term grid reliability suggests they're positioning themselves as a partner in the state's energy transition while acknowledging the supply challenges facing the region. Their focus on energy efficiency represents a cost-effective approach to managing demand growth while generating customer goodwill and regulatory support.

NEWARK, N.J., Aug. 4, 2025 /PRNewswire/ -- New Jersey customers are saving money and energy through the PSE&G energy efficiency programs. Our latest Clean Energy Future-Energy Efficiency (CEF-EE) report highlights how our programs continue to deliver meaningful savings for customers while reducing overall energy usage and supporting the state's goals.  Through March 2025, nearly 465,000 customers have actively participated in PSE&G's energy efficiency initiatives, collectively saving over $720 million annually[i] on their utility bills.

These results reflect a range of efforts aimed at helping customers reduce both their energy use and costs—from home energy assessments to rebates on energy-efficient appliances, HVAC systems, and products available through the PSE&G Marketplace. Since the start of the program, customers have received approximately $740 million in rebates, delivered as either instant discounts at the point of purchase or post-purchase rebates, helping to offset the cost of energy-saving upgrades.

Additionally, participation to date includes:

• More than 95,000 home energy assessments completed
• Over 140,000 rebates claimed for upgrades to energy-efficient appliances
• More than 24,000 appliances recycled, and;
• Approximately 340,000 smart thermostats and 100,000 power strips purchased through the PSE&G Marketplace

"Affordability and energy efficiency go hand-in-hand, and our programs are designed to make it easier for customers to reduce their energy use and manage their monthly bills," said Lauren Thomas, vice president Clean Energy Solutions-Customer Solutions at PSE&G. "As customers continue to take advantage of our energy efficiency programs, they're seeing the benefits—lower energy costs, greater comfort, and more affordable ways to save energy at home."

Our energy efficiency programs for businesses are also delivering strong results, helping commercial customers lower energy use and operating costs through a range of practical business solutions. To date, these programs have helped more than 18,500 businesses implement approximately 28,000 projects that improve operational efficiency, enhance comfort, and manage expenses.

Participation in the Small Business Direct Install program remains strong, with more than 1,500 small businesses projected to save approximately $19 million annually[ii] on energy costs. This program helps make energy-saving improvements more affordable for smaller businesses by reducing upfront costs and delivering long-term savings.

"With support from PSE&G's Business Energy Efficiency Programs, we've been able to make meaningful upgrades that help us keep our building cool, comfortable, and running efficiently—especially, during the summer months," said Radwa Ali, library director, Montclair Public Library. "The program's incentives, combined with flexible, interest-free on-bill-repayment, allowed us to move forward with these improvements in a way that make sense financially for the library and the community we serve. These upgrades ensure we can continue to serve Montclair reliably, seven days a week."

Together, our residential and business customers are on track to save approximately 2.8 million megawatt-hours of electricity annually—enough energy to power over 406,000 homes[iii] each year. Natural gas savings are expected to exceed 75 million therms per year. Combined, these efforts are projected to help avoid approximately 2.1 million metric tons of carbon emissions annually.

We also remain focused on expanding access to clean energy careers through the Clean Energy Jobs Program, where more than 4,100[iv] individuals have been placed in clean energy roles, helping to build the state's skilled workforce of the future. Additionally, our energy efficiency programs have also been recognized with 75 industry awards for excellence in program delivery, workforce development, and marketing.

We understand managing energy costs can be challenging, which is why affordability remains a top priority for PSE&G. In addition to helping customers save through energy efficiency, we recognize that broader supply and demand challenges also impact energy costs across the state.

As affordability remains an ongoing concern, New Jersey should seek to address one of the main drivers of this year's electric supply increase – a lack of forecasted electric supply. The demand for electricity is forecasted to continue to grow, and supply is not keeping up with this demand. PSE&G stands ready to work with the state to expand reliable energy sources and maintain the reliability of the system through near and long-term solutions such as continued energy efficiency, additional power generation capabilities and transmission to lower energy costs.

As a trusted energy advisors, we're remain focused on providing resources to help customers better manage their energy bills and make more informed decisions. Learn more at pseg.com/SaveEnergyandMoney.

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 23 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 2024 J.D. Power named PSE&G number one in customer satisfaction with residential electric service and gas 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 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 Retail bill savings are based on rate class averages for small commercial customers.
ⁱⁱⁱ Based on the median annual consumption of PSE&G's residential customers.
^iv The Clean Energy Jobs Program placement numbers are reported through June 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 are PSE&G customers saving through the energy efficiency programs in 2025?

PSE&G customers are saving $720 million annually on utility bills, plus an additional $740 million in rebates for energy-saving upgrades.

What are the environmental benefits of PSE&G's energy efficiency programs?

The programs are expected to save 2.8 million megawatt-hours of electricity annually and avoid approximately 2.1 million metric tons of carbon emissions per year.

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

More than 18,500 businesses have implemented approximately 28,000 projects to improve operational efficiency and manage expenses.

What is the impact of PSE&G's Small Business Direct Install program?

Over 1,500 small businesses are projected to save approximately $19 million annually on energy costs through this program.

How many jobs has PSE&G's Clean Energy Jobs Program created?

The program has placed more than 4,100 individuals in clean energy roles, contributing to building New Jersey's skilled workforce.

What specific residential programs does PSE&G offer for energy efficiency?

PSE&G offers home energy assessments, rebates for energy-efficient appliances and HVAC systems, appliance recycling, and discounts on smart thermostats and power strips through their marketplace.