(NEWARK, N.J. – February 10, 2025) – PSE&G’s latest Clean Energy Future Energy Efficiency (CEF-EE) report, covering program results from program implementation through September 30, 2024, highlight the program’s continued success in helping customers lower energy costs and reduce their carbon footprint.  

Approximately 1.9 million customers have benefited from PSE&G’s energy-saving offerings tools, receiving valuable insights through energy usage reports, with more than 415,000 taking action through participation in energy efficiency initiatives, collectively saving nearly $640 million annuallyⁱ on their utility bills.

Participating customers have benefited from more than 80,000 home energy assessmentsⁱⁱ, over 107,000 rebates for energy-efficient appliances, over 21,000 appliances recycled and approximately 320,000 smart thermostat purchases through the PSE&G Marketplace. These measures have contributed to significant energy savings and support New Jersey’s clean energy goals.

PSE&G’s energy efficiency programs for businesses also continue to provide value. To date, these programs have helped more than 14,500 New Jersey businesses implement or enhance energy efficiency measures, resulting in the completion of over 22,000 projects. Specifically, more than 1,300 small businesses have participated in the Small Business Direct Install Programⁱⁱⁱ and are projected to save approximately $18 million annually^iv in energy costs.

Electric customers are projected to save approximately 2.5 million megawatt-hours annually—enough to power nearly 360,000 New Jersey homes^v each year—while natural gas customers are anticipated to save over 64 million therms per year. Overall, the program is expected to avoid approximately 1.8 million metric tons of carbon dioxide emissions annually^vi, equivalent to removing 400,000 gasoline-powered vehicles from the road^vii.

As part of its broader clean energy efforts, PSE&G remains focused on workforce development. Through the Clean Energy Jobs Program, more than 2,700 individuals have been placed in clean energy roles, helping to build a skilled workforce that supports both economic and environmental progress in New Jersey.

Additionally, PSE&G’s energy efficiency programs continue to garner industry awards, being recognized for excellence and winning nearly 60 awards over the years for achievements in program effectiveness and, workforce development and marketing, including the 2024 ENERGY STAR® Partner of the Year Award for Sustained Excellence.

For more information on PSE&G’s energy efficiency programs, visit homeenergy.pseg.com for residential customers or bizsave.pseg.com for business customers.

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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.

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 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.

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

vii Vehicle equivalency is based on EPA conversion factors.