The approval enables the utility to commit $1bn toward energy efficiency investments over the next three years
New Jersey-based diversified energy company Public Service Electric and Gas (PSE&G) has secured the New Jersey Board of Public Utilities (BPU) approval for its Clean Energy Future proposal.
The approval supports a commitment of $1bn toward energy efficiency investments in New Jersey over the next three years. The investments are expected to result in providing environmental benefits, and a reduction in customer bills.
Also, the Clean Energy Future programme is expected to create approximately 3,200 direct jobs and an additional 1,100 indirect jobs.
PSEG chairman, president and CEO Ralph Izzo said: “This is a great day for New Jersey and all of us who care about addressing climate change.
“Today’s decision will allow us to bring the benefits of energy efficiency to every customer and give them options to reduce their energy use, save money and shrink their carbon footprint.
“New Jersey now has the opportunity to be at the forefront of clean energy policy and be a role model for the nation.”
Clean Energy Future programme will help reduce New Jersey’s carbon emissions
The energy-saving measures of the programme include rebates for energy-efficient appliances and equipment, to help the state reduce carbon emissions and recover from the impact of pandemic.
According to the state’s largest utility, 70% of the programme will be used to help business customers reduce energy consumption and costs. The company’s programme helps the state avoid 8 million metric tons of carbon emissions by 2050.
PSE&G has launched an energy efficiency job training programme last month, which would enable creating a workforce with skills required for executing energy projects.
Under the programme, residential, commercial and industrial customers will be offered rebates and other financial incentives to buy energy-efficient lighting, HVAC equipment and smart thermostats.
PSE&G president Dave Daly said: “We are committed to ensuring that all of our customers and the communities we serve get an opportunity to share in the benefits of this program, including lower energy bills, new jobs and cleaner air.
“PSE&G appreciates the efforts of BPU staff, New Jersey Rate Counsel and other parties involved to help move this exciting program forward.”