New Jersey Natural Gas
NEW JERSEY NATURAL GAS RECEIVES APPROVAL FROM BPU TO CONTINUE THE SAVEGREEN PROJECT®07/22/2015 - For Immediate Release
WALL, N.J. – New Jersey Natural Gas (NJNG), the regulated subsidiary of New Jersey Resources (NYSE: NJR), received approval today from the New Jersey Board of Public Utilities (BPU) to continue its energy-efficiency offerings under The SAVEGREEN Project through July 31, 2017.
Launched in September 2009, SAVEGREEN offers NJNG customers programs that provide financial incentives for investments in energy-efficient equipment and whole-house improvements to reduce energy costs and increase comfort, as well as facility upgrades. These programs complement those administered by New Jersey’s Clean Energy Program™ (NJCEP) and support the goals of the state’s Energy Master Plan to lower customer costs, improve natural gas energy efficiency and conservation, reduce emissions and encourage economic development. With today’s approval, NJNG will invest more than $75 million over the next two years. The majority of SAVEGREEN programs remain unchanged, with some modifications mainly due to NJNG’s experience in the marketplace to better meet customers’ needs and the changing market dynamics.
“SAVEGREEN has been extremely successful in providing our customers with affordable energy-efficient options, helping thousands of customers upgrade to high-efficiency equipment and lower their carbon footprint,” said Laurence M. Downes, chairman and CEO of New Jersey Natural Gas. “Investing in energy efficiency is a key component of our efforts to help our customers save energy and money, advance job creation and assist in meeting the goals of the state’s Energy Master Plan.”
Through SAVEGREEN, customers who purchase and install a qualifying, high-efficiency natural gas furnace or boiler through NJCEP’s WARMAdvantage program are eligible to receive a $500 rebate from NJNG. This is in addition to the rebates of up to $500 per furnace or $300 per boiler available through NJCEP. With the continuation of SAVEGREEN, customers also may receive a $100 rebate for qualifying high-efficiency water heaters. This incentive complements the $500 rebate available from NJCEP.
Additionally, customers who install both qualifying high-efficiency heating and water heating equipment at the same time may be eligible to receive a $600 combined rebate from NJNG or, if they meet the terms and conditions of the program, the opportunity to participate in NJNG’s On-Bill Repayment Plan (OBRP) for up to $6,500 at a zero annual percentage rate (APR) for five years. For example, on a $6,500 OBRP amount with an APR of 0 percent and a term of five years, the customer would make 59 payments of $108.33 and a final payment of $108.53. These customers may also be eligible to receive a combined rebate of up to $1,000 from NJCEP.
After the completion of the equipment upgrades, a free Home Performance with ENERGY STAR® (HPwES) home energy analysis is performed by an NJNG Building Performance Institute-certified, home energy auditor to identify other energy-efficiency opportunities. Also, customers who participate in NJNG’s $6,500 OBRP may qualify to increase the level of credit and access additional rebates based on the level of energy savings achieved with the implementation of the additional HPwES measures.
An HPwES audit is available to any interested customer for $250. Performed by NJNG, the audit helps evaluate measures to improve energy efficiency and identify estimated energy savings before moving forward with home energy improvements. Income-qualified customers who are at or below 400 percent of the Federal poverty level (annual household income of less than $97,000 for a family of four) may be eligible for a free home energy assessment.
Commercial customers implementing upgrades through NJCEP’s Direct Install program can continue to access NJCEP rebates, which cover up to 70 percent of the project costs, and apply for the OBRP from NJNG to cover the remaining 30 percent, up to $53,570 — to be paid back over a period of three years, extended from two years under the former SAVEGREEN program. For example, on a $53,570 OBRP amount with an APR of 0 percent and a term of three years, the customer would make 35 payments of $1,488.06 and a final payment of $1,487.90. Direct Install is a turnkey solution for existing small-to medium-sized facilities designed to help cut energy costs by making it easy and affordable to replace outdated operational equipment with energy-efficient alternatives.
Since its inception in 2009, SAVEGREEN has completed more than 31,900 energy audits, helped more than 38,000 customers with energy-efficiency upgrades and generated nearly $285 million of economic activity in the state. SAVEGREEN has also helped increase activity in the contractor market. Over the last six years, the number of contractors participating in the program has grown from approximately 100 to more than 2,200.
Customers interested in upgrading their natural gas equipment and making their home or business more energy-efficient can contact The SAVEGREEN Project at 877-455-6564 or email@example.com. For more information and terms and conditions visit savegreenproject.com.
FORWARD LOOKING STATEMENTS
This release contains forward-looking statements within the meaning of 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,” “intends,” “plans,” “believes,” “may,” “should,” “will” and similar expressions may identify forward-looking information. Forward-looking information in this release includes, but is not limited to, certain statements regarding future investments by NJNG in The SAVEGREEN Project. Additional information and other factors are set forth under the heading “Risk Factors” in NJR’s filings with the Securities and Exchange Commission (SEC) including its most recent Form 10-K and the Form 10-Q for the quarter ended March 31, 2015, filed on May 7, 2015. 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 provides safe and reliable natural gas and clean energy services, including transportation, distribution and asset management. With annual revenues in excess of $3 billion, NJR is comprised of five primary businesses:
- New Jersey Natural Gas is NJR’s principal subsidiary that operates and maintains over 7,000 miles of natural gas transportation and distribution infrastructure to serve over half a million customers in New Jersey’s Monmouth, Ocean and parts of Morris, Middlesex and Burlington counties.
- 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.
- NJR Clean Energy Ventures invests in, owns and operates solar and onshore wind projects with a total capacity of over 130 megawatts, providing residential and commercial customers with low-carbon solutions.
- NJR Midstream serves customers from local distributors and producers to electric generators and wholesale marketers through its equity ownership in a natural gas storage facility and a transportation pipeline, both of which are Federal Energy Regulatory Commission, or FERC-regulated investments.
- NJR Home Services provides heating, central air conditioning, standby generators, solar and other indoor and outdoor comfort products to residential homes and businesses throughout New Jersey and serves approximately 117,000 service contract customers.
NJR and its more than 950 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®.
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