Abstract: Using the Pauli-Fierz model of non-relativistic quantum electrodynamics, we calculate the binding energy of an electron in the field of a nucleus Z and in presence of the quantized radiation field. We consider the case of small coupling constant $\alpha$, but with fixed $Z\alpha$ and ultraviolet cut-off $\Lambda$. We prove that after renormalizing the mass the binding energy has, to leading order in $\alpha$, a finite limit as $\Lambda$ goes to infinity; i.e., the cut-off can be removed. The expression for the ground state energy shift thus obtained agrees with Bethe`s formula for small values of $Z\alpha$, but shows a different behavior for bigger values.