New Jersey Natural Gas
NEW JERSEY NATURAL GAS RECEIVES APPROVAL FROM THE NEW JERSEY BOARD OF PUBLIC UTILITIES TO EXTEND THE SAVEGREEN PROJECT®06/29/2016 - 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 extend its energy-efficiency offerings under The SAVEGREEN Project (SAVEGREEN) through December 31, 2018, and decrease its Societal Benefits Charge (SBC) rate. SAVEGREEN remains unchanged, with the program comprising the existing offerings and investments that were initially set to expire in July 2017.
Launched in September 2009, SAVEGREEN offers NJNG customers rebates and incentives for investments in energy-efficient equipment, whole-house improvements and facility upgrades to reduce energy costs and increase comfort. These offerings complement those administered by New Jersey’s Clean Energy Program™ (NJCEP) and support the goals under the state’s Energy Master Plan to lower customer energy costs, improve energy efficiency and conservation from natural gas use, reduce greenhouse gas emissions and encourage economic development.
“SAVEGREEN continues to provide our customers with affordable, energy-efficient options to help them implement home energy improvements and offset energy costs, while helping them reduce their carbon footprint,” said Laurence M. Downes, chairman and CEO of New Jersey Natural Gas. “Today’s decision is a testament to New Jersey’s efforts to ensure customers have access to incentives to help them take action and benefit from energy efficiency.”
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. With the continuation of SAVEGREEN, customers also may receive a $100 rebate for qualifying high-efficiency water heaters. Customers also will be able to combine these incentives with the rebates available from NJCEP to make investing in energy efficient equipment even more affordable.
After the completion of the equipment upgrades, customers receive a no-cost Home Performance with ENERGY STAR® (HPwES) home energy analysis from an NJNG Building Performance Institute-certified home energy auditor to identify other energy-efficiency opportunities. Additionally, customers who install both a qualifying high-efficiency heating system 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, customers have the opportunity to participate in NJNG’s Repayment Plan for up to $6,500 at a zero annual percentage rate (APR) for five years, which is applied to their NJNG bill. For example, on a $6,500 repayment plan amount with a 0% APR 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 rebates from NJCEP. The no-cost audit is required for customers to receive the enhanced rebate or benefit from the $6,500 Repayment Plan. Furthermore, customers who participate in NJNG’s $6,500 Repayment Plan may qualify to increase the level of credit and access additional rebates, based on the degree of energy savings achieved with the implementation of additional HPwES measures.
In addition, commercial customers may benefit from NJNG’s bill repayment options, including 0% financing, for the installation of qualifying building energy-efficient upgrades, through select NJCEP programs.
Since its inception in 2009, SAVEGREEN has completed more than 35,731 energy audits, helped over 43,610 customers with energy-efficiency upgrades and generated nearly $326 million of economic activity in New Jersey. 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 2,412.
NJNG residential and commercial customers interested in upgrading their natural gas equipment or taking a whole-building approach to energy efficiency can contact The SAVEGREEN Project at 877-455-6564 or email@example.com. For more information and terms and conditions visit savegreenproject.com.
The BPU also approved a reduction to NJNG’s SBC rate, effective July 9, 2016. The typical residential heating customer using 1,000 therms per year will see their annual bill decrease by $7.80, or 0.8 percent. The SBC rate recovers costs related to remediation, energy-efficiency, renewable energy and energy assistance programs.
About New Jersey Resources
New Jersey Resources (NYSE: NJR) is a Fortune 1000 company, which through its subsidiaries, provides safe and reliable natural gas and clean energy services, including transportation, distribution, asset management and home services. With annual revenues in excess of $2.7 billion, NJR is comprised of five primary businesses:
- New Jersey Natural Gas, NJR’s principal subsidiary, operates and maintains over 7,300 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, Sussex and Burlington counties.
- NJR Energy Services manages a diversified portfolio of natural gas transportation and storage assets and provides physical natural gas services 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 more than 200 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 50 percent equity ownership in the Steckman Ridge natural gas storage facility and its stake in Dominion Midstream Partners, L.P., as well as its 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 more than 1,000 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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Michael Kinney, Media
Joanne Fairechio, Investors
Dennis Puma, Investors