JCP&L Expanding Energy Efficiency Offerings – FirstEnergy (NYSE:FE)

Jersey Central Power and Light (JCP&L), a subsidiary of FirstEnergy Corp, has received the green light from the New Jersey Board of Public Utilities (BPU) to broaden its energy efficiency programs. This ambitious plan, spanning two and a half years, aims to realize electricity savings and fulfill key objectives laid out in the N.J. Clean Energy Act of 2018 and the N.J. Energy Master Plan.

FirstEnergy’s President in New Jersey, Doug Mokoid, stated, “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.”

With this approval, JCP&L continues and expands upon initiatives it has been offering since July 2021. Some of the key programs include:

• A Whole Home program offering energy efficiency assessments and upgrades for residential customers.
• An Energy Efficient Products program that provides incentives for HVAC systems, appliances, consumer electronics, and other energy-saving equipment.
• Direct Install and Energy Solutions programs focused on small business and commercial customers, offering assessments and financial support for energy efficiency upgrades.
• A Multifamily program catering to the diverse needs of multifamily residential units with financial incentives for in-unit and common area energy efficiency solutions, including whole-building retrofits.
• A Building Decarbonization program delivering financial incentives and rebates for transitioning building heating, water heating, and cooking equipment to electric options.

JCP&L is also enhancing its program that fosters energy-saving behaviors by providing customers with energy usage information, analytics, and tips through digital and mailed reports.

The company is extending zero-interest financing for qualifying customers engaging in energy efficiency and building decarbonization projects. This financial support is accessible to residential, multifamily, commercial, and industrial sectors for eligible projects, such as major appliance and HVAC upgrades, home retrofits, multifamily projects, small business direct install projects, and comprehensive solutions for commercial and industrial clients.

The typical JCP&L residential customer using 777 kilowatt hours (kWh) of electricity per month will notice a modest increase in their bill. For the first program year, this increase is estimated at $1.06, or 0.8%, per month. By the final program year, from July 1, 2026, through June 30, 2027, the average residential customer using 777 kWh per month will experience a total increase of $4.03, or 3%, per month. Nevertheless, JCP&L’s residential rates remain the most economical among New Jersey’s four regulated electric distribution companies.

JCP&L serves approximately 1.1 million customers across the counties of Burlington, Essex, Hunterdon, Mercer, Middlesex, Monmouth, Morris, Ocean, Passaic, Somerset, Sussex, Union, and Warren.

FirstEnergy commits to integrity, safety, reliability, and operational excellence. Its electric distribution companies collectively form one of the largest investor-owned electric systems in the nation, serving customers in Ohio, Pennsylvania, New Jersey, West Virginia, Maryland, and New York. The company’s transmission subsidiaries manage approximately 24,000 miles of transmission lines linking the Midwest and Mid-Atlantic regions.

The expansion of these energy efficiency programs by JCP&L represents a significant step towards a cleaner future for New Jersey residents and businesses. The diverse range of programs tailored to various customer segments underlines JCP&L’s commitment to fostering a sustainable energy ecosystem while helping its customers achieve greater energy efficiency and cost savings.