Incentives & Financing

To qualify for the on-bill repayment program, customers must have a history of 12 months of continuous, on-time payments with PSEG. If you are a new customer, you may still qualify by providing a letter of credit from your previous utility company confirming your payment history.

Customers can borrow up to $25,000 for energy efficiency projects, with repayment terms typically ranging from 5 to 10 years, depending on the total amount borrowed. For amounts up to $10,000, the repayment term is 84 months (7 years). For amounts between $10,001 and $15,000, customers can choose between 84 months or 120 months (10 years).

Customers must discuss the on-bill repayment option with a participating contractor, who will apply for it on their behalf before starting the project. Once approved, the contractor will notify PSEG, and the repayment installments will be added to the customer's utility bill.

The repayment will be structured as equal, interest-free installments added to the monthly utility bill. Customers can also pay off the entire outstanding balance in a lump sum without prepayment penalties, provided they notify PSEG in advance.

Participating in the program can lead to significant savings on energy costs, as upgrading to high-efficiency equipment can reduce energy usage by up to 20%.