Though the Price to Compare in the Atlantic City Electric region recently dropped, more consumers serviced by the utility are purchasing their power supply from an alternative third party supplier than ever before. In June 2017 the Price to Compare rate, the generation rate for power supply that Atlantic City Electric charges customers who have not shopped for a third party supplier, dropped from $0.1061 to $0.0995 which represents a 6.22% drop in price. Meanwhile the electricity price comparison site Electricrate.com shows competitive rates in the region as low as $0.0849, representing a 14.7% savings versus the new default price. In addition, some offers include extra incentives such as cash back gift cards.
New Jersey as a whole has faced an up hill battle education their citizens since energy deregulation went into effect in 2003. While major utilities in neighboring Pennsylvania has residential switch rates between 28% and 45%, New Jersey’s three biggest utilities have switch rates between 11% and 20%. Atlantic City Electric currently has a residential switch rate of 14.9%, which leaves 413,308 residential customers living in south New Jersey whom alternative suppliers can try to obtain as new customers by offering savings versus the traditional Atlantic City Electric supply price plan.
Though the primary electricity utility in the south region of New Jersey, Atlantic City Electric has been overlooked by many alternative suppliers who were looking for new markets to enter. The pendulum for that trend has started to change as new suppliers have moved into the region in an attempt to gain new customers. New suppliers are betting that Atlantic City Electric customers are tired of paying around 10 cents per KWh when several third party suppliers are offering prices below 9 cents representing clear and easy to understand savings.
More suppliers in the region means more rate options for customers. The purpose of the New Jersey electricity choice program was to give consumers more options on how they wanted to consumer their power. That intended goal is becoming a reality as Atlantic City Electric customers now have the ability to purchase renewable power or lock in a low fixed rate for as long as three years. The most important thing that new electricity shoppers in south New Jersey need to understand is that there are real benefits to shopping for alternative suppliers and many rate plans can save them money on their Atlantic City Electric bills.