New Jersey regulators approve $69M in efficiency spending for PSEG
Utility Dive, August 24, 2017
- The New Jersey Board of Public Utilities yesterday signed off on a $69 million slate of efficiency programs to be implemented by Public Service Electric and Gas Co. (PSE&G)
- The decision will extend three energy efficiency programs the utility says are popular, and implement two new ones.
- The utility reached an agreement with the BPU and state’s Rate Counsel, allowing the programs to be funded. PSE&G indicated the agreement comprised more than 90% of its original request and will bring its investment in energy efficiency to about $400 million.
Following yesterday’s approval, PSE&G will be able to continue its hospital, residential multifamily and direct install programs. The utility will also launch smart thermostat and residential data analytics programs.
Courtney McCormick, the utility’s vice president of renewables and energy solutions, calls efficiency “a huge missed opportunity for too many of our customers. … today’s BPU approval will allow us to help even more hospitals, apartment buildings, government facilities, non-profits, small businesses and residential customers realize the benefits of energy efficiency to save energy and money while doing their part to reduce their impact on our environment.”
PSE&G said its hospital efficiency program helps hospitals and healthcare facilities upgrade outdated and unreliable heating, cooling, motors, lighting and other systems “by providing expert advice, incentives and interest free on-bill financing.”
PSE&G will invest an additional $25 million in the hospital program, the largest of the five.
The utility will also invest $20 million in the residential multifamily program, and $15 million in the direct install program. The new programs are funded at lower levels: the smart thermostat offers discounts on qualified devices and will be funded at $6.5 million. The residential enegry reporting program is budgeted at $2.5 million.