Most extensive energy-efficiency offering
enhances opportunities for low- and moderate-income and commercial
customers
New Jersey Resources (NYSE: NJR) announced its
principal subsidiary New Jersey Natural Gas (NJNG) received
approval from the New Jersey Board of Public Utilities to
significantly expand its energy-efficiency offerings available
through The SAVEGREEN Project® (SAVEGREEN). The program will
further its commitment to sustainability and emissions reduction by
helping customers lower their energy usage, save money and reduce
their carbon footprint. NJNG is authorized to invest $259 million
over the three-year program to provide solutions to residential,
multi-family and commercial customers to help make energy
efficiency affordable.
“NJNG continues to take action on our commitment to
sustainability with the largest energy-efficiency program in our
company’s history – building on our proven record of voluntary
emissions reduction, and investing to build the clean energy
future,” said Steve Westhoven, President and CEO of New Jersey
Resources. “This significant expansion of our energy-efficiency
efforts will allow us to provide even more customers with powerful
tools and resources to save energy, lower their bills and reduce
emissions for the benefit of the environment.”
The investment consists of approximately $127 million of direct
investment, $109 million in financing options and $23 million in
operation and maintenance expenses. The initial annual increase for
the typical residential heating customer using 1,000 therms per
year is estimated to be $21.30 or 1.9% for the first year of the
program.
The program positions NJNG to meet or exceed its annual
energy-efficiency reduction targets set by the New Jersey Clean
Energy Act. If fully subscribed, the program will help NJNG
customers save more than 125 million therms of natural gas over the
[three-year] program's lifetime. This equates to preventing the
release of 663,102 metric tons of carbon dioxide into the
atmosphere – the same as removing 142,886 cars from New Jersey
roadways each year.
Beginning July 1, 2021, NJNG will roll out energy-efficiency
programs under SAVEGREEN that include enhanced features for low- to
moderate-income customers and a broad range of programs to meet the
diverse needs of the commercial and industrial sectors, including
restaurants, small offices, convenience stores and other
independent businesses. In addition, the program reflects new
legislative provisions that shift administration of some programs
from the state-run New Jersey’s Clean Energy Program™ to the
utilities and requires that all New Jersey utilities collaborate to
provide core offerings that are consistent throughout the state.
This requires a new and innovative approach for NJNG to work
directly with the electric utilities, Atlantic City Electric and
Jersey Central Power & Light, whose service territories overlap
with those of NJNG.
SAVEGREEN’s core programs will include:
Residential
- Rebates and incentives, including a 0% on-bill repayment
program, for qualifying equipment replacement and home energy
improvements
- Rebates and incentives for the installation of energy-efficient
appliances, as well as the continuation of NJNG’s discounted online
marketplace
- No-cost, energy-efficiency kits to income-eligible households
as a gateway to other energy-efficiency and conservation
programs
The program also puts energy efficiency in reach for low- and
moderate-income customers by providing opportunities to help reduce
their energy bills. In addition to special incentives and longer
payment terms to help make energy-efficiency upgrades affordable,
the program will offer: lower-cost measures that can provide
immediate savings to renters and homeowners; a no-cost energy
checkup; distribution of energy-efficiency kits in collaboration
with local foodbanks and community organizations and a no-cost,
moderate-income weatherization program. NJNG and other New Jersey
utilities also are exploring ways to streamline the screening
process to make it easier for eligible low- and moderate-income
customers to participate.
Multi-family
- Customer engagement and education, energy assessments,
installation of standard energy-saving measures, retrofit projects,
engineered solutions as well as prescriptive and emergency
equipment replacement
- Access to an on-bill repayment program for the above measures,
including extended repayment terms, for low- and moderate-income
and affordable housing properties
With multiple program opportunities and paths to energy
efficiency, NJNG will work collaboratively with multi-family
dwellings to conduct a structured energy assessment of the premises
to identify the best program fit to meet the needs of the customer,
as well as develop a project plan to ensure maximum participation
and benefits.
Commercial and Industrial
- On-bill repayment option for the installation of
energy-efficient equipment and special incentives for custom
energy-efficiency measures
- No-cost energy assessment, upfront costs and a repayment option
to help small businesses, non-profit organizations, schools,
faith-based organizations and other entities overcome the barriers
to energy efficiency
- Continuation of the successful Engineered Solutions program
that provides tailored assistance and incentives to help make it
affordable for public service entities, such as municipalities,
universities, schools, hospitals and healthcare facilities to
invest in energy efficiency
- An energy management program to target energy savings by
providing a holistic approach to improving building energy
performance through maintenance, tune up and retro-commissioning
services for existing buildings
Since the inception of SAVEGREEN in 2009, NJNG has invested
nearly $220 million in energy-efficiency programs, generating more
than $488 million in economic activity in its service territory
while contributing to the reduction of greenhouse gas emissions.
Over the last decade, nearly 64,000 customers have participated in
SAVEGREEN, and the program has grown the green energy economy in
New Jersey for the more than 2,875 contractors who have
participated in the program.
All estimates of energy savings set forth above are generalized,
and no particular amount of energy savings is promised or
guaranteed. Terms, conditions and qualifications apply to all
rebates, incentives and the on-bill repayment program.
Forward-Looking Statements:
This release contains forward-looking statements within the
meaning of Section 27A of the Securities Act of 1933, as amended,
Section 21E of the Securities Exchange Act of 1934, as amended, and
the Private Securities Litigation Reform Act of 1995. NJR cautions
readers that the assumptions forming the basis for forward-looking
statements include many factors that are beyond NJR’s ability to
control or estimate precisely, such as estimates of future market
conditions and the behavior of other market participants. Words
such as “anticipates,” “estimates,” “expects,” “projects,” “may,”
“will,” “intends,” “plans,” “believes,” “should” and similar
expressions may identify forward-looking statements and such
forward-looking statements are made based upon management’s current
expectations, assumptions and beliefs as of this date concerning
future developments and their potential effect upon NJR. There can
be no assurance that future developments will be in accordance with
management’s expectations, assumptions and beliefs or that the
effect of future developments on NJR will be those anticipated by
management. Forward-looking statements in this release include, but
are not limited to, certain statements regarding NJNG’s
energy-efficiencies offerings through The SAVEGREEN Project, NJR’s
environmental, sustainability and clean energy goals and emission
reduction targets, customer savings and the annual impact on a
typical residential heating customer.
Additional information and factors that could cause actual
results to differ materially from NJR’s expectations are contained
in NJR’s filings with the U.S. Securities Exchange Commission
(“SEC”), including NJR’s Annual Reports on Form 10-K and subsequent
Quarterly Reports on Form 10-Q, recent Current Reports on Form 8-K,
and other SEC filings, which are available at the SEC’s web site,
http://www.sec.gov. Information included in this release is
representative as of today only and while NJR periodically
reassesses material trends and uncertainties affecting NJR's
results of operations and financial condition in connection with
its preparation of management's discussion and analysis of results
of operations and financial condition contained in its Quarterly
and Annual Reports filed with the SEC, NJR does not, by including
this statement, assume any obligation to review or revise any
particular forward-looking statement referenced herein in light of
future events.
About New Jersey
Resources
New Jersey Resources (NYSE: NJR) is a Fortune 1000
company that, through its subsidiaries, provides safe and reliable
natural gas and clean energy services, including transportation,
distribution, asset management and home services. NJR is composed
of five primary businesses:
- New Jersey Natural Gas, NJR’s principal subsidiary,
operates and maintains over 7,500 miles of natural gas
transportation and distribution infrastructure to serve over half a
million customers in New Jersey’s Monmouth, Ocean, Morris,
Middlesex and Burlington counties.
- NJR Clean Energy Ventures invests in, owns and operates
solar projects with a total capacity of more than 357 megawatts,
providing residential and commercial customers with low-carbon
solutions.
- NJR Energy Services manages a diversified portfolio of
natural gas transportation and storage assets and provides physical
natural gas services and customized energy solutions to its
customers across North America.
- Storage and Transportation serves customers from local
distributors and producers to electric generators and wholesale
marketers through its ownership of Leaf River Energy Center and the
Adelphia Gateway Pipeline Project, as well as our 50 percent equity
ownership in the Steckman Ridge natural gas storage facility, and
our 20 percent equity interest in the PennEast Pipeline
Project.
- NJR Home Services provides service contracts as well as
heating, central air conditioning, water heaters, standby
generators, solar and other indoor and outdoor comfort products to
residential homes throughout New Jersey.
NJR and its nearly 1,200 employees are committed to helping
customers save energy and money by promoting conservation and
encouraging efficiency through Conserve to Preserve® and
initiatives such as The SAVEGREEN Project® and The Sunlight
Advantage®. For more information about NJR:
www.njresources.com.
Follow us on Twitter @NJNaturalGas. “Like” us on
facebook.com/NewJerseyNaturalGas.
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version on businesswire.com: https://www.businesswire.com/news/home/20210304005821/en/
Media Contact: Michael Kinney 732-938-1031
mkinney@njresources.com
Investor Contact: Dennis Puma 732-938-1229
dpuma@njresources.com
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