JCP&L Expanding Energy Efficiency Offerings

Rhea-AI Summary

JCP&L, a FirstEnergy Corp. (NYSE: FE) subsidiary, received approval from New Jersey BPU to expand its energy efficiency programs. The two-and-a-half-year initiative includes expanded residential, commercial, and industrial offerings such as whole home assessments, HVAC incentives, and building decarbonization support. The program introduces zero-interest financing for qualifying customers across all sectors. Residential customers using 777 kWh monthly will see a rate increase of $1.06 (0.8%) in the first year, rising to $4.03 (3%) by the final program year, while maintaining the lowest rates among New Jersey's regulated electric distributors.

Positive

• Approval received for program expansion, indicating regulatory support
• Introduction of zero-interest financing for energy efficiency projects
• Maintenance of lowest residential rates among NJ's regulated electric distributors
• Large customer base of 1.1 million customers across 13 counties

Negative

• Rate increases for residential customers up to 3% by final program year
• Additional operational costs for implementing expanded programs

New and expanded programs designed to meet increased energy savings targets

HOLMDEL, N.J., Oct. 31, 2024 /PRNewswire/ -- Jersey Central Power and Light (JCP&L), a subsidiary of FirstEnergy Corp. (NYSE: FE), has obtained approval from the New Jersey Board of Public Utilities (BPU) to expand its energy efficiency programs. The two-and-a-half-year program is designed to achieve electricity savings and other objectives of the N.J. Clean Energy Act of 2018 and the N.J. Energy Master Plan.

Doug Mokoid, FirstEnergy's President, New Jersey: "These programs represent the next generation of energy savings for our customers. New Jersey is advancing a clean energy future, and our investments in energy efficiency programs will help those who live and run their businesses in our state to build a cleaner, more energy efficient tomorrow."

The approval allows for the continuation and expansion of programs offered by JCP&L since July 2021, including:

• A Whole Home program that offers energy efficiency opportunities, such as assessments and energy efficiency upgrades, 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 programs that offer assessments and financial support to small business and commercial customers for energy efficiency upgrades.
• A Multifamily program that recognizes the needs of this diverse customer segment by offering 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.

JCP&L is also expanding a program that encourages energy-saving behaviors by providing energy use information, including analytics and tips to customers, through digital and mailed reports.

Additionally, JCP&L is offering zero-interest financing for qualifying customers for energy efficiency and building decarbonization projects. Customers across the residential, multifamily and commercial and industrial sectors will have access to loans for qualifying projects, such as major appliance and HVAC upgrades, home retrofit and multifamily projects, small business direct install projects and comprehensive solutions for commercial and industrial customers.

The typical JCP&L residential customer using 777 kilowatt hours (kWh) of electricity per month will see an increase of $1.06, or 0.8%, per month for the first program year. For the final program year, running from July 1, 2026, through June 30, 2027, the average residential customer, using 777 kWh of electricity per month will see a total increase of $4.03, or 3%, per month. JCP&L's residential rates remain the lowest among New Jersey's four regulated electric distribution companies.

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 @JCP_L, on Facebook at www.facebook.com/JCPandL or online at jcp-l.com.

FirstEnergy is dedicated to integrity, safety, reliability and operational excellence. Its 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 on X @FirstEnergyCorp or online at firstenergycorp.com.

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SOURCE FirstEnergy Corp.

FAQ

What rate increase will JCP&L (FE) customers see under the new energy efficiency program?

Residential customers using 777 kWh monthly will see a $1.06 (0.8%) increase in the first year, rising to $4.03 (3%) monthly by the final program year ending June 30, 2027.

What new energy efficiency programs is JCP&L (FE) offering?

JCP&L is offering whole home assessments, HVAC incentives, direct install programs for businesses, multifamily building solutions, building decarbonization support, and zero-interest financing for qualifying energy efficiency projects.

How many customers does JCP&L (FE) serve in New Jersey?

JCP&L serves 1.1 million customers across 13 counties in New Jersey.