US utility PSE&G has filed a proposal with the New Jersey Board of Public Utilities to expand its portfolio of clean energy and advanced technologies.
If approved, the plan Clean Energy Future will help PSE&G to:
- Keep consumer bills lower than they were 10 years ago
- Produce $7.4 billion in savings for consumers
- Reduce carbon emissions by 40 million tons (equivalent to removing about 380,000 cars annually by 2025, growing to about 800,000 cars annually by 2035.)
The plan includes investing $2.8 billion in energy efficiency, $364 million in EVs, $180 million in battery storage and $794 million in energy cloud technologies.
The investments will help the utility to line up with the state's Clean Energy legislation recently signed into law by Governor Murphy.
The law stipulates utilities must reduce ' annual electric and gas consumption by 2% and 0.75%, respectively and up to 600MW of energy storage by 2021 and 2,000MW by 2030.
The projects will help New Jersey expand its portfolio of energy storage capacity, improve grid resilience during storms, enhance storm restoration response and accelerate consumer EV adoption.
Some 40,000 EV chargers will be installed.
The plan is expected to help consumers save $7.4 billion over the next 20 years.
The 22 energy efficiency programmes to be deployed will save consumers up to $5.7 billion and the Energy Cloud will save customers another $1.7 billion over 20 years.
Ralph Izzo, CEO of the Public Service Enterprise Group, said: "Helping our customers use energy more efficiently is the only way to simultaneously lower bills, clean the environment and create jobs."
The plan also includes installing 2.2 million smart meters.
"So far, we have received support from more than 80 organisations from across New Jersey, representing environmental advocates, clean energy service providers, large and small businesses, labor organisations, elected officials, nonprofit agencies and community leaders…and more support is arriving every day."