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.


Share

{ 0 comments… add one now }

Previous post:

Next post: