Public Service Electric & Gas has received approval from the New Jersey Board of Public Utilities to invest approximately $700m during the next four years to provide its 2.3 million electric customers with smart meters.

The decision clears the way for the largest installation of smart meter technology in New Jersey’s history.

Smart meters are the foundation of PSE&G’s Energy Cloud advanced metering infrastructure effort that will create an integrated, two-way communications network between electric customers and the utility. This network will enable automatic, near real-time meter reading, virtually eliminating estimated utility bills, providing more efficient response to outages and allowing customers to make more informed decisions about their energy usage.

“This is a vital step towards achieving a smarter and cleaner energy future for New Jersey,” said PSE&G president Dave Daly. “Smart meters provide the real-time communications necessary to better serve our customers and will provide electric customers with valuable information about their energy consumption.”

He said smart meters and the supporting communications network could help expedite electric service restorations when severe weather strikes, help users increase their home energy savings, and improve service quality.

“A smart meter network is essential to PSEG’s Powering Progress vision for a future in which we help our customers use less energy, ensure that the energy they do use is cleaner, and deliver that energy more reliably than ever,” Daly said.

The implementation of a smart meter network is another step towards achieving New Jersey governor Phil Murphy’s clean energy vision. The improved communications will lead to fewer lorry dispatches and other efficiencies that are expected to reduce PSE&G’s carbon dioxide emissions by about 2800 metric tons per year.