New Jersey's largest regulated utility has a $4 billion plan to make the Garden State greener and advance the state's bid to become a clean energy leader.
PSE&G on Thursday revealed a six-year plan called Clean Energy Future that aims to reduce the state's energy consumption and carbon emissions, while driving down electric power costs. The proposal calls for spending $2.8 billion on energy efficiency programs and hundreds of millions on electric vehicle infrastructure, energy storage and state-of-the-art electricity meters.
PSE&G, which operates New Jersey's transmission and distribution lines, believes the plan will save customers $7.4 billion, though some rate payers could see their bills tick higher. It is also forecast to cut carbon emissions by 40 million tons, roughly equal to taking 380,000 cars off the road by 2025.
The company is casting its proposal as a response to Democratic Gov. Phil Murphy's ambitious clean energy and climate goals.
In May, Murphy signed legislation that set ambitious targets for offshore wind power and energy storage, required utilities to cut electric power bills and sought to expand solar power. The legislation also made New Jersey one of a handful of states that has vowed to generate 50 percent of its energy from renewable sources by 2030.