PSE&G's Energy Efficiency Programs Are Now Projected to Save $484M and Avoid Approximately 1.6M Metric Tons of Carbon Emissions Annually

Over 97,000 Retail Appliance Rebates Provided and Approximately $12 Million on Utility Bills Saved for Business Customers Participating in the PSE&G Small Business Direct Install Program

NEWARK, N.J., July 9, 2024 /PRNewswire/ -- PSE&G's latest report on its Clean Energy Future Energy Efficiency (CEF-EE) initiatives indicates a continuation of positive results from programs implementation through March 31, 2024. Over 380,000 customers have taken action to save energy and money through PSE&G's suite of energy efficiency programs.

Participating customers are projected to save a collective $484 millionⁱ annually on their utility bills through various program initiatives, including approximately 70,000 home energy assessmentsⁱⁱ, as well as the sale of about 306,000 smart thermostats and 95,000 power strips through PSE&G Marketplace. Additionally, the program has provided over 97,000 retail appliance rebates for energy-efficient electric appliances, which has helped to reduce energy consumption and greenhouse gas emissions.

For electric customers involved in these initiatives, projected savings exceed 2.1 million megawatt-hours of electricity annually, which is enough to power over 312,000 New Jersey homes each yearⁱⁱⁱ. Additionally, participating natural gas customers are expected to save approximately 57 million therms of natural gas annually. Collectively, these efforts are estimated to avoid about 1.6 million metric tons of carbon dioxide emissions annually^iv, equivalent to the emissions from 349,000 gasoline-powered cars on the road for a year^v.

Karen Reif, vice president of Renewables and Energy Solutions, PSE&G, stated, "We are pleased with the steady progress of our energy efficiency programs, our initiatives are making a measurable difference, allowing customers to lower both their utility bills and energy usage, which in turn supports New Jersey's clean energy objectives."

Additionally, PSE&G's commercial and industrial (C&I) energy efficiency programs have demonstrated significant impact. The PSE&G Small Business Direct Install Program^vi has delivered collective annual savings of approximately $12 million^vii on utility bills for participating business customers. This program is projected to save 52 thousand megawatt-hours of electricity annually, along with an estimated 2.4 million therms of natural gas for participating electric and/or gas business customers. Together, these C&I initiatives are anticipated to avoid about 44 thousand metric tons of carbon dioxide emissions each year^viii.

Henry Wong, a PSE&G business customer and owner of Carvel Ice Cream in Pennington, New Jersey, sought to enhance energy efficiency and customer comfort at his establishment. Through the Direct Install program, his store upgraded two aging rooftop HVAC units with dual enthalpy economizers and smart start features, yielding impressive results. "Using this program easily saved me $10,000 in installation and maintenance costs," said Wong. Overall, these upgrades resulted in annual savings of over $1,600 to Wong's business, reduced electricity use and improved cooling efficiency, ensuring ongoing benefits for the business.

PSE&G also sponsors the Clean Energy Jobs Program, which aims to expand the state's clean energy workforce by enhancing economic opportunities for unemployed, underemployed and low/middle-income individuals. By focusing on recruitment from the communities we serve, the program has successfully placed over 2,500 New Jersey residents in clean energy jobs, contributing to the state's clean energy objectives while promoting local job growth.

PSE&G's commitment to excellence is underscored by its ongoing recognition. Since 2021, PSE&G's energy efficiency programs have earned over 50 awards, including the 2024 ENERGY STAR^® Partner of the Year Award for Sustained Excellence. This award honors partners who have consistently demonstrated exceptional achievements in energy efficiency and have received the organization's Partner of the Year recognition for a minimum of two consecutive years.

For more information on PSE&G's energy efficiency programs, including how to participate, visit homeenergy.pseg.com for residential customers or bizsave.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 is the 2022 Edison Award recipient from the Edison Electric Institute. PSE&G has won the ReliabilityOne^® Award for superior electric system reliability in the Mid-Atlantic region for 22 consecutive years. For the second 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 2023 J.D. Power named PSE&G number one in customer satisfaction with residential and business 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 focused on a clean energy future and has been named to the Dow Jones Sustainability Index for North America for 16 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 Home energy audit includes: Home Performance with ENERGY STAR^®(HPwES), Home Weatherization Program and Quick Home Energy Check-up (QHEC).

ⁱⁱⁱ Based on the median annual consumption of PSE&G's residential customers.

^iv Carbon dioxide savings for electricity are based on EPA eGRID marginal emission rates for the eastern RFC region.

^v Vehicle equivalency is based on EPA conversion factors.

^vi 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 200 kW.

^vii Retail bill savings are based on rate class averages for small commercial customers.

^viii Carbon dioxide savings for electricity are based on EPA eGRID marginal emission rates for the eastern RFC region.

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SOURCE PSE&G