NJ S650

Directs the New Jersey Board of Public Utilities to establish a beneficial building electrification and decarbonization program within one year of enactment, including greenhouse gas emission reduction targets for each electric public utility.

Requires electric public utilities to develop and submit multi-year beneficial building electrification and decarbonization plans that meet or exceed emission reduction targets and demonstrate cost-effectiveness from a societal perspective.

Defines "beneficial building electrification and decarbonization" as switching from nonelectric to efficient electric equipment for water heating, space heating, industrial processes, or transportation when it reduces societal costs, cuts greenhouse gas emissions, or increases off-peak electric grid use.

Allows utilities to meet emission reduction targets through conversion of fossil fuel heating systems to electric heat pumps, replacement of gas appliances with electric alternatives (induction stoves, heat-pump dryers), electrification of industrial processes, and contractor training programs.

Mandates the BPU to establish cost recovery mechanisms, performance incentives, and direct incentives for electric heat pump installation.