Most NJ Electric Bills Will Drop Before Summer: Here's How Much

Newark NJ

18 February, 2022

11:22 AM

Description

NEW JERSEY — Desperate for a break on your electric bill? Hang in there – the cost of electricity for many New Jersey residents and businesses will drop slightly in June, according to state officials. The New Jersey Board of Public Utilities (NJBPU) recently approved the results of the state's annual electricity auction, which sets competitive energy prices for customers who have not opted to use third-party suppliers. Who will benefit? Most residents and small to medium-sized businesses who use Atlantic City Electric Company (ACE), Jersey Central Power & Light Company (JCP&L), Public Service Electric & Gas Company (PSE&G), and Rockland Electric Company (RECO). According to a news release from the board: "The Basic Generation Service (BGS) auction determines, in part, the cost of electricity for most New Jersey residents and many businesses for a 12-month period starting June 1, 2022. The average monthly BGS residential ratepayer bill is expected to remain stable for most customers. The average monthly bill will decrease anywhere from 1.1 percent to 2.8 percent." Here's what the electricity supply costs for the average residential customer will look like when the new rates take effect on June 1, according to the NJBPU: ACE (650 kWh usage) Current bill - $137.15New bill - $134.61Decrease - $2.54 (1.9%)JCP&L (650 kWh usage) Current bill - $92.67New bill - $91.61Decrease - $1.06 (1.1%)PSE&G (650 kWh usage) Current bill - $119.72New bill - $116.38Decrease - $3.34 (2.8%)RECO (650 kWh usage) Current bill - $123.71New bill - $120.72Decrease - $2.99 (2.4%) Send news tips and correction requests to [email protected] Sign up for Patch email newsletters. Learn more about posting announcements or events to your local Patch site.