Optical manipulation of charge on the nanoscale is of fundamental importance to an array of proposed technologies, from selective photocatalysis to nanophotonics. Open plasmonic systems, where collective electron oscillations release energy and charge to their environments, offer a potential means to this end as plasmons can rapidly decay into energetic electron-hole pairs; however, isolating this decay from other plasmon-environment interactions remains a challenge. Here we present an analytic theory of noble metal nanoparticles that quantitatively models plasmon decay into electron-hole pairs, demonstrates that this decay depends significantly on the nanoparticle's dielectric environment, and disentangles this effect from competing decay pathways. Using our approach to incorporate embedding material and substrate effects on plasmon-electron interaction, we show that predictions from the model agree with four separate experiments. Finally, examination of coupled nanoparticle-emitter systems further shows that the hybridized in-phase mode more efficiently decays to photons while the out-of-phase mode more efficiently decays to electron-hole pairs, offering a new strategy to tailor open plasmonic systems for charge manipulation.