BPU Approves Continuation of NJNG’s SAVEGREEN Project and New Energy-Efficiency Programs
September 16 2010 - 1:22PM
Business Wire
New Jersey Natural Gas (NJNG) today received approval from the
Board of Public Utilities (BPU) to extend The SAVEGREEN™ Project
through December 31, 2011 and implement several new
energy-efficiency programs. These programs are designed to help
customers save energy and money, reduce greenhouse gas emissions
and create local jobs.
Since its inception, SAVEGREEN has conducted over 3,700 audits
and provided customers with 3,600 rebates and incentive payments,
totaling more than $3.2 million. In addition, 22 direct jobs were
created as a result of this program, and the number of contractors
participating has more than tripled, increasing from 144 in January
2010 to 545 as of September.
“Our SAVEGREEN Project has been extremely successful in helping
customers save energy through upgrades to high-efficiency heating
equipment and participation in home energy audits,” said Laurence
M. Downes, chairman and CEO of NJNG. “This approval demonstrates
New Jersey’s continuing commitment to strengthening the economy,
improving our environment and enhancing the quality of life for its
citizens today, and for future generations. And that is good news
for our state and our customers.”
SAVEGREEN, originally launched by NJNG in September 2009, will
now be extended for an additional 12 months. The program will
continue to provide information and incentives to help customers
save energy and upgrade heating equipment, including an enhanced
rebate of $900 for qualified high-efficiency heating equipment and
a home energy audit that is free after installation of a qualified
furnace or boiler. When combined with the $300 WARMAdvantage
offered by New Jersey’s Clean Energy Program (NJCEP), the total
rebate will be $1,200. Additionally, the home energy audit required
for NJNG’s enhanced rebate can identify additional energy-saving
opportunities. While there is no obligation to make further
improvements, additional incentives, such as up to $1,000 of free
air sealing work, are available for those who do.
The BPU also approved a no interest On-Bill Repayment Plan that
will be available for NJNG customers taking advantage of NJCEP’s
Home Performance with Energy Star (HPES) Program, which provides
comprehensive energy solutions for energy efficient investments
that can help the homeowners save up to 30 percent on energy costs
and increase the comfort, safety, and durability of their home.
Through On-Bill Repayment Plan, customers can repay NJNG up to
$10,000 over a ten-year period for energy-related equipment
purchases and home improvements stemming from HPES audit
recommendations. The repayment will be made through their monthly
NJNG bill.
Additionally, NJNG will implement an incremental incentive
program for Combined Heat and Power (CHP) projects. Commercial
customers with a peak demand over 200 kilowatts (kW) in any one
month over the previous 12 months will be eligible to participate.
Currently, NJCEP is providing funding up to $1 million in support
of CHP projects that identify energy-efficiency measures resulting
in a reduction of energy consumption by 15 percent or more. Through
this program, NJNG will also provide up to $1 million for
commercial customers who may have previously implemented
energy-efficiency upgrades to participate in an Energy Reduction
Plan and assess additional opportunities for increased
efficiency.
Also approved was NJNG’s Fostering Environmental and Economic
Development (FEED) program. FEED is designed for commercial and
industrial customers and will provide access to investment capital,
incentives and/or discounted rates to encourage the installation of
energy-efficient equipment, as well as business growth, expansion
and retention in the state. Upfront funding will be provided by
NJNG with the principal and interest repaid on a customer-specific
basis. No associated costs of this program will be recovered
through NJNG’s rates.
In total, these programs, which were developed collaboratively
with the state’s regulators, will provide an infusion of capital
that will help support job growth at the local contractor level and
help reduce carbon dioxide emissions.
The costs associated with these programs will be recovered
through NJNG’s existing Energy-Efficiency Rider over an extended
time frame. Assuming full participation, the anticipated impact for
the typical residential heat customer using 1,000 therms annually
will be approximately 0.4 percent, or $5.92 a year. Customers will
see no change in their bill related to this program before October
2011.
In consideration of the ongoing review and transition of the
NJCEP, it was agreed to reserve NJNG’s previously filed Access and
Solar Energy Programs and other provisions until a future date.
In separate proceedings, NJNG received BPU approval of price
changes related to natural gas commodity costs, the Company’s
Conservation Incentive Program, and recovery of costs associated
with capital investment that expand and enhance its delivery system
while stimulating the economy and promoting job growth. The changes
are effective immediately and result in an overall decrease of 2.2
percent for the average residential heating customer. As a result
of the price decrease, the typical customer using 100 therms a
month would see their bill go from $138.75 to $135.65, a savings of
$3.10. A customer using 1,000 therms annually would see a savings
of $31.
New Jersey Natural Gas is the principal subsidiary of New Jersey
Resources, a Fortune 1000 company, that provides reliable energy
and natural gas services including transportation, distribution and
asset management in states from the Gulf Coast to the New England
regions, including the Mid-Continent region, the West Coast and
Canada, while investing in and maintaining an extensive
infrastructure to support future growth. With over $2.5 billion in
annual revenues, NJR safely and reliably operates and maintains
6,700 miles of natural gas transportation and distribution
infrastructure to serve nearly half a million customers; develops
and manages a diverse portfolio of more than 777,000 dth/d of
transportation capacity and 52 Bcf of storage capacity; and
provides appliance installation, repair and contract service to
approximately 150,000 homes and businesses. Additionally, NJR holds
investments in midstream assets through equity partnerships
including Steckman Ridge and Iroquois. Through Conserve to
Preserve®, NJR is helping customers save energy and money by
promoting conservation and encouraging efficiency. For more
information about NJR, visit www.njng.com.
New Jersey Resources (NYSE:NJR)
Historical Stock Chart
From Aug 2024 to Sep 2024
New Jersey Resources (NYSE:NJR)
Historical Stock Chart
From Sep 2023 to Sep 2024