New Jersey Natural Gas Files to Continue SAVEGREEN Energy-Efficiency and Conservation Programs

New Jersey Natural Gas (NJNG) today submitted a petition with the New Jersey Board of Public Utilities (BPU) seeking to continue The SAVEGREEN Project® energy-efficiency and conservation programs for an additional twelve months. SAVEGREEN provides incentives, rebates and on-bill repayment opportunities to help customers upgrade their equipment and make their homes and business more energy efficient. These programs are designed to complement the energy-efficiency programs administered by New Jersey’s Clean Energy Program as well as the goals of the Draft 2011 Energy Master Plan.

“Investing in energy efficiency is a key component of New Jersey’s efforts to reduce energy costs for customers and encourage business growth in the state,” said Laurence M. Downes, chairman and CEO of New Jersey Natural Gas. “SAVEGREEN is an important tool to advancing these goals, helping customers save energy and money and creating local jobs.”

In the filing, NJNG proposes to provide eligible customers participating in the NJCEP WARMAdvantage rebate program with a supplemental rebate of $900 or the opportunity to participate in NJNG’s On-Bill Repayment Program (OBRP). The OBRP enables customers to fund up to $5,000 for the installation of a high-efficiency furnace or boiler over a five-year period. After the installation is complete, customers will receive a free Home Performance with Energy Star (HPwES) audit performed by a NJNG Building Performance Institute-certified home energy auditor. OBRP opportunities may also be available for additional energy-efficiency upgrades implemented that are identified by the audit.

NJNG will continue to offer customers making more comprehensive energy-efficiency upgrades through HPwES the opportunity to fund up to $10,000, which can be repaid on their NJNG bill with no interest over 10-years. Additionally, HPwES audits will be provided by NJNG for customers seeking an independent audit. The fee for this independent audit is $250 which will help offset the costs of SAVEGREEN.

For commercial customers, NJNG seeks to continue its Combined Heat and Power (CHP) program, which offers eligible customers additional incentives to those provided by NJCEP for the development of CHP projects.

SAVEGREEN serves to complement the state’s efforts to lower energy costs for New Jersey businesses and residents, address environmental concerns and stimulate the economy – goals of the Draft 2011 Energy Master Plan. Since its launch in 2009, SAVEGREEN has created 27 full-time positions at NJNG, invested approximately $18 million in rebates and incentives, completed 9,300 energy audits and paid 9,400 high-efficiency rebates.

The SAVEGREEN energy-efficiency and conservation programs are slated to run through December 31, 2011. If approved by the BPU, NJNG will continue these programs as proposed for an additional twelve-months beginning January 1, 2012 or from the date of the Board Order. This filing does not seek to change NJNG’s existing rates.

New Jersey Natural Gas is the principal subsidiary of New Jersey Resources (NJR), 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 6,800 miles of natural gas transportation and distribution infrastructure to serve nearly half a million customers; develops and manages a diverse portfolio of 2.3 Bcf/day of transportation capacity and over 50 Bcf of storage capacity; offers low carbon, clean energy solutions through its commercial and residential solar programs; and provides appliance installation, repair and contract service to nearly 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.njliving.com.

New Jersey Resources (NYSE:NJR)
Historical Stock Chart
From May 2024 to Jun 2024