JCP&L Proposes Expansion of Energy Efficiency Offerings

Rhea-AI Summary

FirstEnergy Corp. (NYSE: FE) subsidiary Jersey Central Power and Light (JCP&L) has filed for a $964.2 million expansion of its energy efficiency programs with the New Jersey Board of Public Utilities (BPU). The two-and-a-half-year portfolio of programs aims to achieve the electricity savings required by the New Jersey Clean Energy Act of 2018. The proposal includes both the continuation of existing programs and the introduction of new programs, targeting residential, small business, commercial, and multifamily customers. If approved, the typical JCP&L residential customer could expect to see a 4.2% increase in their monthly electric bill by July 2026.

New and expanded programs designed to meet increased state energy savings targets

HOLMDEL, N.J., Dec. 4, 2023 /PRNewswire/ -- FirstEnergy Corp. (NYSE: FE) subsidiary Jersey Central Power and Light (JCP&L) has filed for an expansion of its energy efficiency programs with the New Jersey Board of Public Utilities (BPU). The $964.2 million, two-and-a-half-year portfolio of programs would begin on Jan. 1, 2025, and is designed to achieve the electricity savings required by the New Jersey Clean Energy Act of 2018 and the BPU.

Jim Fakult, president of JCP&L: "New Jersey is a national leader in clean energy. By expanding programs that have proven to be successful and adding new tools and incentives that build on the safe, reliable electric service we provide our customers every day, JCP&L is proud to continue our role in achieving goals that make our state a better place to live, work and raise a family."

The proposal includes the continuation of several core programs offered by JCP&L since July 2021 and introduces several new offerings.  Some of the programs include:

• A Whole Home Program that offers energy efficiency opportunities, such as assessments, to residential customers.
• An Energy Efficient Products Program that provides incentives for HVAC, appliances, consumer electronics and other energy-saving equipment.
• The Direct Install and Energy Solutions for Business Programs that offer assessments and financial support to small business and commercial customers for energy efficiency upgrades.
• A Multifamily Program that offers financial incentives for in-unit and common area energy efficiency solutions, as well as more comprehensive solutions, such as whole-building retrofits.
• A Building Decarbonization Program that provides financial incentives and rebates for the electrification of building heating, water heating and cooking equipment.
• The Next Generation Savings Program, which targets new technologies and approaches that require training, incentives or other key elements to help the marketplace better understand the potential value of the technology or approach.

JCP&L also proposes to expand a program that reduces demand during peak hours for residential customers to include small business customers and offer additional features for residential customers with smart meters.

The Comfort Partners Program, the low- and moderate-income utility assistance program currently co-managed through New Jersey's Clean Energy Program, would be consolidated as a part of this proposal. The updated program, which will be managed by electric and gas utilities, would offer tiered benefits for moderate- and low-income customers, based on household income and other qualifying factors. 

JCP&L is also proposing a Conservation Voltage Reduction Program that will analyze company substations and distribution circuits to identify opportunities to reduce voltage in the system.

JCP&L's rates remain the lowest among New Jersey's four regulated electric distribution companies.  If this expansion is approved, the typical JCP&L residential customer using 783 kilowatt-hours of electricity and currently paying $116.88 per month could expect to see a total increase of approximately $4.86, or 4.2%, on their monthly electric bill by July 2026. Three incremental rate adjustments would start with a $0.97 increase for the typical JCP&L residential customer on Jan. 1, 2025. Additional impacts would be effective July 1, 2025, and July 1, 2026.

JCP&L serves 1.1 million customers in the counties of Burlington, Essex, Hunterdon, Mercer, Middlesex, Monmouth, Morris, Ocean, Passaic, Somerset, Sussex, Union and Warren. Follow JCP&L on X, formerly known as Twitter, @JCP_L, on Facebook at www.facebook.com/JCPandL or online at www.jcp-l.com.

FirstEnergy Corp. is dedicated to integrity, safety, reliability and operational excellence. Its 10 electric distribution companies form one of the nation's largest investor-owned electric systems, serving customers in Ohio, Pennsylvania, New Jersey, West Virginia, Maryland and New York. The company's transmission subsidiaries operate approximately 24,000 miles of transmission lines that connect the Midwest and Mid-Atlantic regions. Follow FirstEnergy online at www.firstenergycorp.com and on X @FirstEnergyCorp.

View original content to download multimedia:https://www.prnewswire.com/news-releases/jcpl-proposes-expansion-of-energy-efficiency-offerings-302005157.html

SOURCE FirstEnergy Corp.

FAQ

What is the expansion proposed by Jersey Central Power and Light (JCP&L)?

JCP&L has filed for a $964.2 million expansion of its energy efficiency programs with the New Jersey Board of Public Utilities (BPU) to achieve the electricity savings required by the New Jersey Clean Energy Act of 2018.

What are some of the programs included in the expansion proposal?

The proposal includes programs such as the Whole Home Program, Energy Efficient Products Program, Direct Install and Energy Solutions for Business Programs, Multifamily Program, Building Decarbonization Program, and the Next Generation Savings Program.

How will the expansion impact JCP&L residential customers?

If approved, the typical JCP&L residential customer could expect to see a 4.2% increase in their monthly electric bill by July 2026.

What is the Comfort Partners Program proposed by JCP&L?

The Comfort Partners Program, currently co-managed through New Jersey's Clean Energy Program, would be consolidated as part of this proposal, offering tiered benefits for moderate- and low-income customers.

What are the financial implications of the expansion proposal?

The expansion would lead to a total increase of approximately $4.86, or 4.2%, on the monthly electric bill for the typical JCP&L residential customer by July 2026.