An E Source analysis for PSE&G finds every $1 invested in the utility’s energy efficiency programs returned $2.85 in economic output, producing wages, tax revenue and broad participation across the state in 2025.
PSE&G’s Clean Energy Future–Energy Efficiency II projects produced $1.15 billion in economic output in 2025, per an E Source analysis.
The activity generated roughly $467 million in wages and $164 million in combined local, state and federal taxes.
About $404.5 million in portfolio investment funded approximately 75,000 projects for 60,000 participating customers in 2025.
# What the report measured PSE&G commissioned E Source to analyze the economic impact of its Clean Energy Future–Energy Efficiency II projects for calendar year 2025. The analysis looks beyond individual customer bill savings and measures total economic output tied to program investments and completed projects across New Jersey.
# The headline numbers
E Source modeled roughly $404.5 million in portfolio investment tied to those projects. The modeling showed around 60,000 participating customers completed about 75,000 individual projects in 2025.
# Return on investment
# Participation over time PSE&G said its Clean Energy Future and Energy Efficiency programs have had steady uptake since launch. From October 2020 through March 2026, about 525,000 residential and business customers have participated in the programs, according to the utility.
# How PSE&G frames the results Lauren Thomas, vice president of PSE&G Clean Energy Solutions – Customer Solutions, said the programs deliver value beyond bill savings by supporting businesses, workers and communities across New Jersey. The utility has used the findings to show the broader economic link between efficiency investments and state economic activity.
# What this means for customers and communities The analysis separates direct program investments and the downstream economic effects those investments generate. The direct investments fund installations, upgrades and incentives that reduce energy use for participating customers. Those payments translate into wages for workers and tax revenue collected by governments, producing the larger economic output figure.
For customers, other PSE&G reporting noted more than $1 billion in participant bill savings in an earlier July analysis, while this E Source study captures the wider economic footprint of the program activity.
# Numbers to watch
# Takeaway for decision-makers If your concern is the broader economic effect of utility-run efficiency programs, the E Source analysis commissioned by PSE&G quantifies how program dollars flow into wages, taxes and economic activity. The report pairs program-level investment figures with participation counts to show how the work converts into measurable output across New Jersey.
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