Requires BPU to establish beneficial building electrification and decarbonization program and requires electric public utilities to prepare and implement beneficial building electrification and decarbonization plans.

S 650 requires New Jersey's Board of Public Utilities (BPU) to create a program promoting building electrification and decarbonization within one year of enactment. It directs electric utilities to develop multi-year plans meeting BPU-established greenhouse gas reduction targets, focusing on switching to efficient electric equipment like heat pumps for water/space heating, cooking, and industrial processes. Plans must be cost-effective from a societal perspective, considering environmental benefits, and include specific methods such as replacing gas systems with electric alternatives. This bill directly affects electric utilities across New Jersey and aims to reduce emissions while aligning with the state's energy master plan.