New Jersey regulators have approved an investment of about $1 billion for energy infrastructure projects administered by utilities which aim to create jobs and spur the state’s economy.

New Jersey's Board of Public Utilities said it approved an investment of $956 million for five utility companies: Atlantic City Electric, Elizabethtown Gas, New Jersey Natural Gas, PSE&G, and South Jersey Gas which are expected to generate 1,300 new hires at their groups.

The projects include replacing of underground cables and electrical transformers to install more energy efficient streetlights, the Associated Press reported today.

Officials calculated that the utility's customers will need to pay an additional amount of 75 cents to $1 per month to cover the expenses of these projects, the agency reported.