New Jersey Residential Electric Rates
New Jersey’s energy market has been deregulated for over a decade now and the customers who have taken advantage of switching are reaping the benefits. However, despite switching being relatively easy, only around 10 percent of New Jersey customers took advantage of the opportunity to compare, switch and save. Get a leg up on your neighbors and find out how to save money on your next electric bill by switching to a cheaper rate.
Comparing Electricity Rates in New Jersey
You are probably thinking – okay, this all sounds good, but how do I find cheaper New Jersey electricity rates? We have the answer. Although the NJ state government actively encourages residents and businesses to shop for electricity and natural gas in the competitive marketplace, it does not offer an official energy comparison tool online.
Don’t despair! A good place to compare electricity rates and switch is our website, ElectricRate. You can enter your zip code to see the available offers in your area or read our energy suppliers’ reviews and find out about additional perks you can enjoy as a consumer.
New Jersey Energy Market Overview
As far as energy prices go, NJ electric rates are on the higher end – according to the Energy Information Administration, the average residential electricity rate in New Jersey is 15.28 cents per kilowatt-hour, compared to the US national average of 13.04 cents per kilowatt-hour.
Perhaps the high average energy costs were the reason why New Jersey deregulated its retail sector in 1999 with the Electric Discount and Energy Competition Act (EDECA) and gave the residents choice in the selection of energy suppliers.
The customers that switch will continue to have their electricity transmitted and delivered by one of the big state utility companies – Public Service Electric & Gas (PSE&G), Jersey Central Power & Light, Orange & Rockland or Atlantic City Electric. However, your electricity will be supplied by a competitive energy supplier, often at a cheaper electricity rate.
Utility Companies in New Jersey
The big state utility companies in New Jersey are PSE&G, Jersey Central Power & Light, Orange & Rockland, and Atlantic City Electric. They each charge a different electricity rate to their customers in the service area, causing the average electricity bill variations across the state. If they are your local utility provider, you are able to compare their rates against the retail electric suppliers and, when you find an irresistible offer, simply make the switch.
PSE&G
- Customer contact number: 1-800-436-7734
- Current standard electricity rate: 12.60 ¢ / kWh
Jersey Central Power & Light
- Customer contact number: 1-800-662-3115
- Current standard electricity rate: 8.02 ¢ / kWh
Orange & Rockland
- Customer contact number: 1-877-434-4100
- Current standard electricity rate: 10.11 ¢ / kWh
Atlantic City Electric
- Customer contact number: 1-800-642-3780
- Current standard electricity rate: 10.11 ¢ / kWh
Energy Plans & Products in New Jersey
Energy plans are like shoes. One size does not fit all. Navigating through complex information about power rates can be confusing and can ultimately deter you from shopping for a better deal. Below is all you need to know about the different energy products that power companies offer to New Jersey residents:
| Plan | Description | What's Good? | What's Bad? |
|---|---|---|---|
| Green / Renewable Energy | On this plan, your supplier will match the energy you consume by buying an equal amount from renewable generators |
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| Variable Rate | Your per-unit gas and electricity costs can vary at the discretion of your supplier |
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| Fixed Rate | Your unit price for gas and electricity will remain the same for the duration of the plan |
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| Renewable Energy Credits (RECs) | By purchasing 1 REC, you purchase the environmental benefits of 1MWh of renewable energy generation | Reputational gains and compliance targets for businesses with a mandated renewable obligation | There are no real downsides -RECs are fairly cheap and the system is secured and tightly monitored. |
FAQs
Below are answers to some of the questions you might have about New Jersey rates:
How much does electricity cost per month in NJ?
According to the EIA, the average residential electricity rate in New Jersey is 15.28 cents per kilowatt-hour. Considering a household with an estimated monthly energy consumption of 900 kWh, the average electricity bill would come to $ 142.38.
How much does PSE&G charge for electricity?
According to the published information on its website, the PSE&G Price to Compare is 12.60 cents per kilowatt-hour. Price to Compare is the price that your utility company charges for the supply portion of your electric service.
How much does JCP&L charge per kWh?
According to the published information on its website, the JCP&L Price to Compare is 8.02 cents per kilowatt-hour.
What’s a good rate for electricity?
The best electric rate is tailored to the specific needs of the customer. You can compare electric rates, available for your area by simply entering your zip code on our website.
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