Public Service Enterprise Group (PSEG) has revealed that its energy-efficiency initiatives are generating approximately $960 million in annual savings for New Jersey customers, a figure the company is emphasizing as it prepares to report first-quarter earnings on May 5. The update, released on May 1, 2026, follows the company's Earth Day disclosures and puts a spotlight on its environmental and financial performance.
Since the launch of the current program in October 2020, roughly 500,000 households and nearly 22,000 businesses have participated in energy-saving upgrades, according to PSE&G, the utility subsidiary. The company estimates these efforts are saving about 3.3 million megawatt-hours of electricity and 83 million therms of natural gas annually, translating to over 2.4 million metric tons of avoided carbon emissions based on Environmental Protection Agency conversion factors.
Investors are closely watching the upcoming earnings report, where management is expected to address earnings guidance, capital expenditures, and regulatory developments. PSEG has guided for 2026 non-GAAP operating earnings of $4.28 to $4.40 per share and has increased its capital spending plan for 2026 through 2030 to a range of $24 billion to $28 billion, primarily for regulated projects. The company's board has declared a second-quarter dividend of $0.67 per share, payable June 30 to shareholders of record as of June 9, marking what would be the 15th consecutive year of annual dividend increases.
On the environmental front, PSEG reported a 95% reduction in Scope 1 and Scope 2 operational emissions compared to 2005 levels. Scope 1 covers direct emissions from company operations, while Scope 2 includes indirect emissions from purchased energy. The company's Earth Day update also highlighted the planting of 775 trees, maintenance of 51 pollinator habitats across approximately 325 acres, and assistance to nearly 480,000 customers in joining Clean Energy Future energy-efficiency programs in 2025.
Lauren Thomas, vice president for Clean Energy Solutions – Customer Solutions at PSE&G, emphasized the tangible results: close to 500,000 customers participating and annual savings reaching roughly $960 million. Rick Thigpen, senior vice president for corporate citizenship at PSEG, linked the company's environmental initiatives to its core mission, stating that caring for the environment is integral to public service.
PSEG's nuclear fleet remains a key asset, accounting for over 80% of New Jersey's carbon-free electricity and supplying 40% of the state's total power output. This positions the company with a cleaner energy mix compared to many fossil-fuel-dependent utilities. The company also received recognition from JUST Capital as a 2026 utilities industry leader alongside Constellation Energy, and was ranked ninth overall and first in the energy and utilities group on Newsweek and Statista's America's Most Responsible Companies 2026 list.
However, PSE&G cautioned that actual energy and cost savings, as well as emissions reductions, are projections that depend on successful program rollout and continued customer participation. The utility's forward-looking statements highlight the inherent uncertainties in achieving these targets.