The plan is known as the Clean Energy Future and includes investing in smart operations to improve customer services, as well as to elevate New Jersey's grid into the digital age.
Investments will be directed toward energy efficiency, electric vehicles and energy storage technologies.
The project is expected to help New Jersey to achieve its clean energy vision.
Prasanna Venkatesan, Landis+Gyr's EVP for the Americas region, said: "The Clean Energy Future is exactly the prototypical, forward-looking plan that we see leading utilities implementing around the world.
"The resulting consumer benefits will transform the way energy is delivered and managed in New Jersey. With the increasing complexity of the electric grid, including two-way energy flows, edge intelligence, and advanced communications capabilities, a holistic plan is required—and PSE&G has just put one on the table. We fully support its approval."