Archive for New Jersey

Competitive JCPL Electricity Rates Fall in Time for Summer

After a year of sub-par prices, competitive New Jersey electricity suppliers have lowered their rate offers in the JCPL service area. Several electricity companies have focused their attention to JCPL residential customers who are on the default utility rate service and customers who are on competitive rate plans that are about to expire. The JCPL basic generation service rate has been fixed since October 1, 2018 and will not change until June 1, 2019. The current price is $0.102258 per KWh, which is substantially higher than the lowest JCPL competitive rates. Even though the default rate will change on June 1, now is as good as time as ever to shop and compare for New Jersey electricity rates in the JCPL area.

Choosing a competitive electricity supplier can benefit consumers at anytime of the year. The key is to find a competitive rate that is lower than the utility default rate which will provide guaranteed savings on the electric bill; a scenario that currently exists for JCPL customers. While historically wholesale energy prices are lower in the fall and spring, the summer and winter months often provide great opportunities for electricity shoppers looking to save money. Competitive electric suppliers already have future weather projections built into their rates so anytime can be a good time to shop and choose the best electric rate.

In addition to prices that are below the basic generation service rate, many New Jersey electricity suppliers are offering green energy rates to JCPL customers. Selecting a green energy plan causes JCPL to purchase the amount of power that you consume during the term of the contract from electricity generation sources that are deemed green or environmentally friendly such as wind, solar, and hydro power. In the past these green energy plans usually cost a premium to the customer. Currently some JCPL supplier are offering the green energy option to their lowest priced rates.

While the JCPL basic generation service rate for the summer of 2019 is currently unknown, it is likely going to be higher than many of the low competitive rate options being offered. The summer JCPL default rate will go into effect on June 1, 2019 and remain in effect through the end of September. The actual price will be announced sometime in early May.


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How Do I Stop the JCPL Rate Increase

New Jersey electricity customers who receive service from Jersey Central Power & Light (JCPL), and who are on the utility’s default generation plan, will experience a sharp rate increase beginning on the first of October 2018. The default rate, known as the basic generation service charge, changes twice annually and is derived by a series of auctions that take place as long as three years before the rate actually takes effect. The auctions are spaced out over a three year period as a way to spread out the price volatility that often occurs in wholesale energy markets; in this way default paying customers are not stuck paying high prices due to an auction occurring during a time when wholesale prices were high. However, if current energy prices are lower during the time the default rate is in effect, customers are then presented an opportunity to save money by switching to a lower competitive New Jersey electricity supplier.

Residential JCPL customers on the basic generation service rate will see at most a 13.93% rate increase take effect on October 1, 2018 compared to what they had been paying since the beginning of June. The new higher rate will have the biggest impact on lower usage customers. Since June 1, 2018 JCPL customers on the default rate have paid $0.083846 per KWh for the first 600 KWh they consume in a given monthly service period. This rate then increased to $0.093071 for all kilowatt hours above 600. On October 1 these residential customers will pay a flat rate of $0.095527 for all KWh consumed. The JCPL rate increase can be stopped by simply shopping the New Jersey competitive electricity market for a lower fixed price.

As of July 2018, the New Jersey Board of Public Utilities released electric switch data showing that 16.8% of JCPL’s 999,604 residential customers were purchasing power from a competitive supplier. This data indicates that there are roughly 831,348 residential customers who are on the basic generation service rate, and who can avoid the October 1 price increase and lower their JCPL electric bill by shopping for a lower rate. Below are fixed JCPL electric rates offered by suppliers who have been licensed by the New Jersey BPU.


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Energy Choice offers JCP&L Commercial Customers a High Rate of Savings

Savings CashJCP&L commercial customers shopping for competitive electric rates in New Jersey can expect to save 15-25% off of their electric bills. According to New Jersey electric switching Stats, over 70% of the commercial load has already been switched over to a competitive supplier. Natural gas prices are near a 10-year low, which is currently putting downward pressure on electricity wholesale rates. By locking in a long term rate a business will be protected against any spikes in the energy market for over the next few years. With energy prices near record lows the number of JCP&L commercial customers participating in energy choice will continue to increase.

Participating in energy choice will have no negative impact on the quality of power a business receives from the local distribution company (JCP&L). JCP&L will still be in charge of maintaining the lines and wires that deliver the electricity from the delivery point to your place of business. They will continue to charge the distribution cost, which is a regulated charge. Whether you decide to keep JCP&L for your basic generation service or switch to a competitive supplier, the distribution charges will remain the same.

Shopping for competitive electric rates has never been easier. JCP&L provides the official price to compare rate on the electric bill. This is the rate a business will use while comparing prices with a competitive supplier. The price to compare rate will include all components of the supply charge including New Jersey’s usage and sales tax (SUT). When comparing rates it is important to review the contract carefully to make sure your business is comparing apples-to-apples to JCP&L’S price to compare rate. A number of services are becoming available that can help find the lowest price, based on term and rate classification. ElectricRate.com offers a platform that provides a side-by-side comparison to JCP&L’s basic generation rate and a supplier’s competitive offering. If you want a hassle free experience and unbiased advice they are worth checking out.

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Basic Generation Service Rates Rise for PSEG Electricity Customers

Residential PSEG electricity customers who are on the basic generation service rate are getting hit with a summer rate increase. The basic generation service rate is the price for electricity power supply that customers pay who have not chosen to buy their power from a competitive supplier. As an energy choice state New Jersey residents have the ability to shop the market for competitive electricity rates the same way they can shop for phone service or television content providers. Customers who do not participate in the market by shopping and buying their power from a competitive supplier pay the basic generation service rate offered by PSEG.

PSEG updates their basic generation service rates twice a year on June 1 and October 1. The PSEG basic generation service rate, which serves as a default electricity price, is determined through three auctions that take place in the previous three years of the current basic generation service rate. Competitive suppliers are often able to offer more favorable pricing than the default price, offering customer an opportunity to pay less money on their PSEG electric bill. The new PSEG basic generation service price will have residential customers paying a maximum of $0.131959 per KWH for customers who consumer above 600 KWh in a month. Meanwhile, competitive New Jersey electricity suppliers are offering fixed rates in the 10 and 11 cent range.

As of April 2017 PSEG has reported that only 12% of their residential customers have switched off of the default basic generation service price and onto a competitive plan. The new summer rate increase for 2017 could provide an incentive for the more than 1.6 million residential customers, currently on the default plan, to shop for the first time. Statewide New Jersey energy choice has resulted in 505,111 residential shoppers and 151,805 commercial and industrial customers. Despite the low residential switch percentage competitive New Jersey suppliers remain optimistic at their chances of acquiring new customers. PSEG customers have more than a dozen electricity companies to purchase their power supply from, many of which are offering fixed rates below the default price. Below are rates offered by suppliers who are licensed by the New Jersey Board of Public Utilities.


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Switch JCPL Electricity Suppliers for Savings

rate-increase-signJersey Central Power & Light, a First Energy Corporation company, implemented a rate change to their basic generation service (BGS) charge on October 1, 2016 that will stay in effect until the end of May next year. The BGS price is the price for electricity supply charged to all JCPL residential customers who have not switched to a competitive supplier. The rate change will effect smaller homes and apartments the most.

Throughout the summer JCPL residential customers were charged $0.094604 per KWh for the first 600 KWh that they consumed, and then $0.103862 for all KWh above 600. Starting on October 1, 2016 customers on the BGS plan will pay one flat rate of $0.102863 for all electricity consumption. This means that it will be the smaller home customers who see the biggest increase on their electric bills. For customers who use below 600 KWh a month, their JCPL electric bills will rise by 13% if they decide to stay on the BGS service rate plan.

Many competitive rate offers exist that are in the $0.09 and even $0.08 range. The discrepancy between competitive offers and the default BGS rate is providing a incentive for customers to switch to a competitive JCPL electricity supplier. Choosing to purchase power from a competitive supplier results in the new supplier’s rate to replace the JCPL BGS charge, which produces real savings on the electric bill. The New Jersey Board of Public Utilities estimates that 199,269 of JCPL’s 984,646 residential customers have switched to a competitive electricity supplier. The switch numbers have slowly but steadily risen over the last year are expected to continue to rise as more people become aware of electricity choice in the JCPL service area.


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Alternative PSEG Suppliers Provide Savings Opportunities for Customers

On October 1, 2016 the New Jersey Public Service Electric & Gas Company (PSEG) enacted a scheduled change to their basic generation service rate charged to residential customers. The rate change will effect roughly 1.7 million residential electricity customers in the state of New Jersey who are not purchasing their power from an alternative supplier. Basic generation service represents the costs for the power supply portion of the bill, which is also the section of the bill that PSEG customers have the option to shop around and search for a better price.

As of August 2016, the New Jersey Board of Public Utilities reported that 185,973 PSEG residential customers, 10.4% of the residential customer base, had elected to purchase their power from an alternative supplier. For these customers, the rate change that took place on October 1 will not effect their monthly electric bill. Instead these customers will pay whatever rate they purchased from the specific alternative PSEG supplier for whom they entered into a contract with.

The remaining 89.6% of PSEG residential customers who are paying the high basic generation service rate of $0.125982 for their power supply have an opportunity to lower their electricity costs by finding a more competitive offer from an alternative supplier. The new PSEG rates will stay in effect until May 31, 2017. On June 1, 2017 the rates will increase even more to $0.137684 for some consumers. With no rate relief in sight from PSEG, the time to shop for competitive PSEG residential rates is as beneficial for consumers as it ever has been. Competitive rate offers below show the amount of savings versus the current PSEG basic generation service default price.


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JCPL Summer Price to Compare Hits Customers

The JCPL price to compare, or basic generation service rate, was adjusted on June 1, 2016 and will reach customers when they receive their electric bills in July. Basic generation service charges include the generation and transmission portion of the JCPL electric bill, which encompasses the portion of the bill that is open to customer choice meaning that consumers have the ability to shop and purchase a lower price from a licensed New Jersey electricity supplier. Customers who choose not to shop for competitive rates remain on the basic generation service rate. Customers who are active in the New Jersey electricity choice market often refer to this rate as the price to compare, since it can be used as a benchmark to compare competitive offers against.

Every year the price to compare rate is adjusted twice a year on June 1, representing the summer rate period, and October 1 which represents the winter rate period. The prices are determined by a series of auctions that occur over a three year period. For example, the price to compare prices for 2016 were determined through auctions that occurred in 2014, 2015, and earlier in 2016. The most significant aspect of the rates this summer is the big jump in price for customers who used more than 600 KWh a month, which is the case for most properties bigger than a one bedroom apartment. During the months of June through September customers on the JCPL price to compare will pay a rate of $0.094604 for the first 600 KWh. The rate will then jump 9.8% to $0.103862 for every KWh consumed above the 600 mark.

Currently njelectricity.org, a New Jersey energy comparison site, is showing 10 competitive plan offers below the $0.09406 price and 17 total plans below the $0.103862 price. Customers on the JCPL price to compare price can save over 20% on their electric bills this summer by choosing a competitive supplier. Surprisingly as of March 2016 only 20.7% of JCPL customers had switched off of the price to compare rate according to the New Jersey Board of Public Utilities. The recent jump in savings potential caused by lower competitive prices may spark more shopping activity in JCPL this summer.

Below is a list of competitive JCPL offers by electricity suppliers who have been licensed by the New Jersey Board of Public Utilities.


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Best Alternative to PSEG

With the recent announcement by PSEG that they will be raising their basic generation service rates for their residential and small business customers, many consumers are starting to search for the best alternative to PSEG. Through New Jersey energy choice laws, all PSEG customers have the option to shop the competitive electricity market for an alternative electricity supplier. While these companies are alternatives to PSEG, the quality of the power is the exact same as the power continues to be delivered though the same power lines and wires.

New Jersey has set up a fairly simply electricity choice market where utilities such as PSEG continue to deliver power to their customer base no matter who the customer chooses to supply the power. The alternative electricity companies offer rates to customers that represent the electricity generation and transmission portion of the electric bill. PSEG and the other three major New Jersey utilities receive revenues through the distribution charge on the electric bill which remains regulated by the New Jersey Board of Public Utilities.

The best alternative companies to PSEG are those that offer a fixed electric rate that is lower than the basic generation service charge. If a customer does not choose an alternative supplier they pay the basic generation service charge for power supply which is the PSEG default rate. Finding an electricity supplier that offers a rate lower than the default rate will result in a lower PSEG electric bill. However, it is also important that the rate is fixed for at least several months, otherwise the electricity supplier will likely increase the rate after the initial month.


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PSEG Default Rates Going Up in Summer 2014

PSEG recently announced the prices they will charge for summer of 2014 for generation and transmission service to customers who have not chosen a competitive supplier and are on the basic generation service (BGS) rate structure. The BGS prices will increase by 11% for residential customers on the the first of June, 2014 when the summer rates for all New Jersey electricity users on default service go into effect. Consumers who have taken advantage of New Jersey electricity choice will not have to worry about the increase in the BGS rates, which are default electric rates for people who have not taken the time to shop the competitive energy rate market.

Basic generation service rates charged by PSEG are determined through an auction process where competitive electricity suppliers bid for the ability to charge a portion of the BGS customer pool. Customers receive on rate structure for the summer month period which begins on June first every year and goes through the end of September, and then a second non-summer period that starts on October first and goes through the end of May of the following year. Since October 1, 2013 residential PSEG electricity customers on BGS rate class have been paying $0.114457 per KWh. On June 1, 2014 a customer will pay $0.1270 per KWh for all consumption above 600 KWh which represents an 11% increase.

In an effort to avoid the price increase, PSEG residential electricity customers who are currently on the default rate are looking to the competitive market to find a lower electricity price. Consumers should be weary of variable rate offers as companies often market a low introductory rate that goes up after the first month to prices that are even higher than the default BGS rates. In contrast, low fixed rates can offer respectable savings for PSEG customers this summer while offering protection against potential future increases by the utility.

Below are competitive PSEG rates being offered by electricity suppliers who are licensed by the New Jersey Board of Public Utilities. All rate plans are updated everyday.


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PSEG Power Switches Trickle In

The number of PSEG electricity customers who are purchasing their power from competitive suppliers remains below 14% as of May 2013. Though the number of competitive power shoppers has steadily increased, the overall electric switch numbers are low compared to other competitive power markets in the United States. The slow number of shoppers has occurred despite rising PSEG default rates and low competitive electricity rates that are yielding electric bill savings above 20% in some cases.

For those PSEG power customers who have accepted New Jersey electricity choice into their lives, the result has been lower PSEG electric bills and price security into the near future. There are currently 246,000 residential customers in the PSEG service area buying their power from competitive energy companies out of 1,835,000 households in the area. These consumers have taken the time to compare electricity rate offers and find the best offer that fits their specific needs.

Many people have pointed to the slow growth of the New Jersey electric choice market to the limited marketing the state has implemented to educate their citizens. In contract, the Texas and Pennsylvania state governments have marketed electric choice with consumer friendly websites. In both states residential electricity switch percentages are hovering around 50%.

Others have pointed to the difficulty in finding the correct identification number on the PSEG electric bill to submit a switch request. In Pennsylvania the number needed to submit a switch request for the two largest electric utilities PPL and PECO Energy, is a simple 10 digit account number clearly visible at the top of the electric bill on every page. In contrast, the number needed for PSEG electric switch requests is the POD ID number which is an 18 digit number that follows the letters “PE” and can only be found in one small place situated mid-page. Some elderly consumers have complained that once they actually find the number the print is too small to even read. Furthermore, if PSEG also provides gas to the customer, a second POD ID exists on the bill for gas service which the customer often confuses as the electric POD ID.

Though electricity choice in New Jersey has had its hurdles, the private sector has stepped in to help push the ball that is already rolling slowly. Competitive suppliers are offering lower electricity prices and information sites such as NJelectricity.org have been developed to help educated New Jersey consumers about their energy choice options.

Competitive PSEG electricity rates updated daily:


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