New Jersey’s energy master plan has some of the most aggressive
energy reduction and renewable energy goals in the nation: reduce greenhouse gas emissions by 20
percent within 12 years and generate 30 percent of New Jersey's electricity from renewable energy
sources by 2020. Of that, it calls for tripling the development of wind power to 3,000
megawatts by 2020 — enough electricity to power 2.4 million of New Jersey's 3.5 million homes.
For New Jersey and PSEG, this provides great challenges…and great opportunities.
Alternative energy and energy efficiency projects not only generate clean power, they also create
construction jobs. And by providing stable and affordable clean energy, they also help the state
and regional economy to compete for all sorts of jobs with other areas.
Taking a leadership role in the field of alternative energy and energy efficiency will pay
dividends to the state and its residents well into the future. PSEG’s investment in alternative
energy and energy efficiency today means a future of good jobs, healthy air and an economy that
flourishes.
PSEG’s three-part response includes:
energy efficiency,
renewables energy sources, and
clean central station power, including nuclear.
We offer a range of innovative programs to help the communities we serve transition to an era of
clean, efficient, renewable energy.
Energy Efficiency
During 2007 and 2008, PSEG worked to make energy efficiency available to under-served
customers.
PSE&G launched a $46 million energy efficiency program targeted to urban centers in New
Jersey. These programs include energy audits for homes, small businesses and hospitals and programs
and for the installation of insulation, programmable thermostats and efficient lighting.
PSE&G is spending $50 million to replace 96,000 street lights with more efficient lights.
It is the first utility in the nation to offer the new “green” fixtures, which emit more light,
last longer and cost less to operate.
PSE&G has proposed an additional $190 million expansion of the energy efficiency program to
create jobs and stimulate the economy.
Renewable Energy
New Jersey is transitioning from a system of rebates that encouraged solar installations to a
market-based system with solar renewable energy certificates. PSEG seeks to support that process
through creative funding options and patient capital. In 2008, PSE&G was on the
Solar Electric Power Association’s list of the top 10 biggest solar movers in 2008 with a 5.5
MW increase.
Solar Loans. In late
2008, PSE&G began offering $105 million in loans to help expedite and finance the installation
of 30 MW of solar power on homes, businesses and municipal buildings throughout our electric
service area. The funding provides stable, secure capital and it is spurring investment in solar
energy.
Market response to the program has been positive. Although the economy has hampered the
progress of installations, the 28 MW available to commercial customers has been fully reserved. To
date, we have closed five loans representing 2.3 MW of capacity and $8.7 million disbursed.
Four of the loans closed were commercial customers and one was residential.
Solar 4 All. PSE&G has a
$773 million proposal before the NJ Board of Public Utilities to invest in, own and operate 120 MW
of solar installations. The program will install grid-connected solar systems on New Jersey
schools, municipal buildings, low income housing complexes, non-profit owned facilities, brown
fields sites, PSE&G facilities and on 200,000 utility poles in its service territory.
Offshore Wind
PSEG Global has teamed with Deepwater Wind to form a joint venture called Garden State Offshore
Energy which is exploring development of a 350 MW wind farm off the southern coast of New
Jersey. Garden State Offshore Energy was one of three off-shore farm developers that qualified for
a $4 million rebate to offset the cost of a meteorological tower to study wind strength and local
marine and avian life at the site. By the end of 2008, the permitting process for off-shore sites
was still in development.
Controlling Demand
We continue to offer longstanding programs that help customers save money and energy by controlling
their demand.
Standard Offer - This energy conservation program helps companies invest in
energy efficient equipment. Approximately 5,700 industrial and commercial and 130,000
residential customers participate in this program. During 2007 and 2008, nearly 1.2 billion kWh of
energy were saved.
AC Cycling - Over 117,000 customers participate in this program which grants
PSE&G direct load control over residential air conditioners to reduce electricity demand at
peak times in the summer.
Comfort Partners – PSE&G supports this free, energy-saving weatherization
and energy education program for qualified low-income customers.
Awards America's Most Admired Companies 2007
and 2008. PSEG ranks sixth among electric and gas utilities on Fortune magazine's
prestigious annual listing.
PSE&G won a 2008 Balanced Scorecard Achievement Award for our customer
service results in revenue protection.
PSEG Chairman Ralph Izzo was named 2008 “Utility CEO of the Year” by the Solar
Electric Power Association his thought leadership and established business practices that
provide a roadmap for growing the role of solar in the nation's energy mix. Izzo was the only
corporate leader to win an award.
