Shop for Electricity in Elizabeth NJ

The ability to shop for electricity is proving consumers with multiple energy supplier options in Elizabeth, NJ. Taking the time to find competitive electric rates can result in huge savings on the PSEG electric bill.

The most efficient and time saving method to compare electric rate prices is to use an electricity rate comparison website. This allows consumers to instantly compare offers for the lowest rate, term length, and savings amount versus the utility default rate. For some customers shopping for electricity means finding the lowest electricity rate. However, the consumer should also consider how long the rate will be locked in for and how much, if any, the termination fee is.

Often the lowest rate offered will be for longer terms of 18 or 24 months. Locking in the lowest rate for two years might be the best thing for a home owner who is not planning on moving anytime soon. However, for a college student who has just moved into an apartment with a 10-month lease, the better option might be to choose an electricity company offering a low variable rate, or lock in a fixed rate for 6 months which will then change to a variable rate when the six months are up.

Power customers can also shop for renewable electricity offers where the electricity is generated from wind power farms. These electric rate prices might be higher than the lowest electric rate available, however some shoppers are willing to pay the extra charge for the ability to buy green power.

Energy choice in New Jersey has provided customers living in Elizabeth the ability to shop for all of these electricity options and more. The majority of Elizabeth electricity customers have PSEG as their utility company. Even after a competitive energy company is chosen, PSEG will continue to send your monthly electric bill, maintain the lines and wires, and charge you the distribution expenses found on your bill under the “Delivery” section. The delivery prices remain regulated by the New Jersey Board of Public Utilities and are the same no matter which electric company is chosen to provide you with your competitive supply rates.

Here is a list of current competitive electricity prices for Elizabeth customers who have PSEG as their utility (updated daily):


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PSEG Power Rates

Electricity customers who are serviced by the utility PSEG are finding savings on their electric bills by shopping for lower electric rates.  Electric shopping in New Jersey is picking up as PSEG and JCPL get ready to set their summer rate increases.

Customers who have not shopped and compared electricity prices are paying high default rates.  The default electricity rates in NJ are set for one year at a time starting on June 1 and ending on May 31.  The summer months (June through September) have a different set of energy rates than the non-summer months (October through May).  While electricity savings are currently available for customers who compare energy prices, the savings are expected to be even greater once the summer default rates take effect on June 1.

In addition to lowering your electric bill, many of the competitive energy suppliers offer promotions such as gift cards and cash back bonuses.  Below are electric rate offers that also have promotional offers.

Electricity choice is certainly becoming a reality in New Jersey.  Customers of PSEG, JCPL, and Atlantic City Electric are seeing more and more electricity options.  One year ago their were less than a handful of options for NJ residential electric customers, now there are about a dozen electricity companies offering electric supply service with more filing the paperwork to enter the market.  True electric competition is taking place in New Jersey.

Compare Competitive PSEG Rates (updated daily):


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PSE & G NJ Rates

PSE&G electricity customers in New Jersey paying basic generation service rates, the PSE&G default rate, are paying among the highest electric rates in the country.  The basic generation service rates are supply electricity rates that PSE&G charges customers who have not selected and alternative electric generation supplier.  These default rates are based on a series of auctions that PSEG holds for their customers.  Electricity suppliers compete to provide rates for a percentage of the PSEG default customers.

PSE&G passes the supply rates from the electricity companies who win at the auction directly on to customers.  So even when a customer pays the basic generation service default rate, they are still paying money for their supply service to another electric supplier other than PSE&G.

Lower electric rates can be selected by customers who take the time to shop and find their own electricity supplier.  When the auction for default rates takes place electricity suppliers have to take into account that a certain percentage of customers will leave the basic generation service during the year.  For example, if an electric company wins the right to provide default service for 100,000 customers starting in June, they have to put a premium on the price taking into account that there is a probability that 15% of these customers might sign a contract with an alternative electricity supplier who is offering a lower electric rate.

When electricity suppliers market their service and rates to individual customers, they do not have to include a premium since they are pricing for one entity.  This results in lower rates and savings on the PSE&G electric bill.

Here are some current offers and savings for electricity customers in PSE&G:


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Atlantic City Electric

The Atlantic City Electric company, the electricity utility company serving the majority of southern New Jersey, has the highest electric default rates in the country among utilities serving electricity deregulated markets.  Current residents serviced by Atlantic City Electric who have not chosen a competitive electric supplier for the supply portion of their energy usage, are paying the Atlantic City Electric price to compare rate of 13.15 cents per kilowatt hour.

Customers can save 13% by paying a fixed rate of 11.40 cents per kilowatt hour.  The offer also includes a Visa Prepaid Gift Card.

Despite the large savings available for Atlantic City Electric residential customers, well under 10% of them have switched electric suppliers to companies offering lower electric rates.  Much of the resistence is centered around the unfamiliarity that New Jersyans have with electricity choice.  Most people might be surprised to find out that the Atlantic City Electric company supports energy choice and wants their customers to shop for lower rates. Those who switch electric suppliers will still receive their electric bill from Atlantic City Electric.  The only thing that changes is the Atlantic City Electric price to compare rate, or default rate, is replaced by the rate offered by the electric supplier of the customer’s choice.

Here are current competitive electric rates:


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Lower PSEG Bill

PSEG electricity customers are finally able to save money on their electricity bills by choosing a lower rate than the default PSEG rates.

In recent years, electricity suppliers had been slow to enter New Jersey electricity market.  Now that the electricity companies are able to offer electric rates that are lower than the  utility basic generation service rates, companies have entered the market and are offering their service to PSEG customers.

To see if money will be saved, customers should look at the “Supply” section on their PSEG bill.  There they will find the electric rates that can be compared to alternative electricity company offers.  Electric savings are currently being offered by as much as 12.4%, but not all offers result in saving, so it is important for customers to compare rates.  Some PSEG bill payers are even choosing to pay more on their electricity bill for the right to buy 100% wind power or other forms of green energy.

Customers who shop for lower power rates might also find promotions that can further sweeten the deal on top of electric bill savings.  PSEG customers will still receive their electric bill from PSEG even after they switch electric suppliers.

The best offers, (lowest rates plus promotions) for fixed and variable electric rates, that we have found are below:


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Compare Electric Rates

The time and energy that it takes to compare electric rates can be overwhelming for some.  However, with a little research and education, customers in Texas, Pennsylvania, New Jersey, Maryland, Delaware, and Connecticut can lower the cost of their electric bill by comparing electric rate offers from electricity companies against the electric rates of the local utility.

Electricity customers attempting to compare electric rates should look at a few key elements for every offer:

1. Is the electric rate fixed or variable.  A fixed rate will secure the electric rate for a set period of time as stated in the electricity contract.  Variable electric rates will usually have low introductory offers, but will contain to guarantee as to how high the rate can go.

2. Meter charge.  A large meter fee (anything above $5) can make a rate appear low when really the electric company is just charging you more in another area of the bill.  The average size house uses about 1000 KWh a month.  A rate of $0.09 per KWh will equal a $90 bill.  Adding a $10 meter charge would be the equivalent of adding a whole penny ($0.01) to the rate.  So a $0.09 cent rate with a $10 meter charge is the same as a rate of $0.10.

3. Is any proportion of the energy you buy derived from green energy sources? Some people are only concerned about the price, but if you are interested in helping you environment you can request a portion of your energy to be generated from green energy (usually wind power).  There are 100% wind power electric contracts available, but usually you will be rate that is a little higher.

These are three of the main things to consider when taking the time to compare electric rates.

For a list of pre-screened electric rate offers, visit our ELECTRICITY PRICES section to find low electric rates in your state.

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