electricity price

Seven years after New Jersey officially deregulated their electricity market, residences of the state are finally seeing competitive electric rates that can save them real dollars off of their monthly electric bill.

If you are a customer of PSE&G, JCP&L, Rockland Electric, or Atlantic City Electric, savings can be found by shopping the competitive electricity market for lower prices.  Alternative electric suppliers had been slow to enter the New Jersey market for a variety of reasons.  However, a significant drop in wholesale electric prices combined with high utility default rates, have given electricity companies a great reason to get licensed by the state and market their services and rates to New Jersey customers.

Residential customers can choose between a variable electric rate that can fluctuate month to month but gives the customer the option to leave the service at any time, or a fixed electric rate that locks in your rate for a specific period of time, usually anywhere from 4-24 months.

Here are the residential electricity rates available in New Jersey at this time:
PSEG Rates



JCPL Rates



Atlantic City Electric Rates



Some of the companies are running introductory offers with cashback bonuses.

For a low variable rate with a $50 Cashback Bonus introductory offer, click here.
Low fixed rate offers with a Visa Prepaid card up to $75 can be found here

In most cases, including the offers above, even after you switch electric suppliers you will still get your monthly electric bill from your utility company.  The utility companies (PSEG, JCPL, Rockland, Atlantic City Electric) are still regulated lines and wires company and are responsible for billing residential electric customers.  They only provide a default electric rate to residential customers because they are required to do so by the state under the terms of the New Jersey Competition and Electric Choice Bill.

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Electric rates in Texas are down to levels that have not been seen since 2002 when the electricity market first became deregulated.  The downward trend in electricity prices has been a result of falling natural gas prices throughout 2010.

Both residential and commercial electric customers are benefiting from the lower electric rates.  Residential customers are signing fixed electric rates in the $0.08 – $0.09 cents per KWh range, where previously they had been as high as $0.17.  If you haven’t checked your electric bill rate in awhile, now would be a good time.  Often if you remain with a provider for a long time without signing a contract, they will gradually raise the rate even if the market does not dictate that to happen.  Your bill should clearly state the rate (cents per KWh) that you are paying.  If the rate is above 9 cents and you are not in a contract, shop for a lower fixed electric rate.

Commercial electricity customers are seeing rates below $0.05 per KWh.  This is a huge drop off from where the electricity market was just two years ago when in was not abnormal to sign a fixed electricity contract above $0.09 per KWh.  The lower electric business rates have allowed many businesses to drastically cut down on their energy costs.

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The National Weather Service’s Climate Prediction Center is expecting a rough Hurricane season in 2010 that may have a negative effect on retail electricity prices.  Electric rates in the majority of competitive electric markets have a direct correlation with natural gas prices.  Bad hurricane seasons result in a decline in natural gas production that eventually pushes electric prices up for consumers.

The Climate Prediction Center estimates an 85% chance for an above normal hurricane season with only a 10% of a near normal season, and a 5% of a below normal season.  They are estimating 166 (Bcf) of natural gas shut in production which may cause electric prices to increase across the country.

The hurricane season is between June 1 and November 30.  Most utilities have default rate structures that cause their default customers to pay higher rates in the summer as oppposed to the rest of the year.  With those two factors added to the fact that at the moment fixed electric rate contracts have been low (10-30% lower than default rates depending on your location and energy consumption patterns), now is an idea time to look into locking in a low fixed electric rate. 

If you are currently on a floating rate you would also want to think about locking into a fixed rate as the floating rate will be affected by a bad hurricane season.  Customers in Pennsylvania, Connecticut, New York, New Jersey, Delaware, Maryland, and Texas should get off of default rates on lock into a competitive fixed electric rate.

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Competitive electric rates in Connecticut remain well below the price to compare default rates of CLP.  Despite this, only 27% of customers (residential, commercial, and Industrial) have chosen an alternative supplier.

Small and medium commercial customers in the CLP territory on default service (i.e. have not chosen a competitive supplier) are paying a rate of $0.11723 per KWh.  By contracting out with another electric provider, these customers can lock in rates below $0.10 per KWh and see their bills reduced by over 15%.

Over two dozen electric providers are active in Connecticut for residential and business electric consumers.   We recommend signing an agreement that will give you a fixed rate as opposed to a variable rate that can change from month to month.  The fixed electric rate will give you an apples to apples comparison against the CLP default rate and will guarantee that you save money as long as the rate is below the 0.117233 default rate.

Ask us for a comparison chart for your specific home or building.  Power prices are low.

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