New Jersey’s top four electric companies will shave $60 from customers’ bills during summer’s hottest months, precisely as power usage peaks. State officials revealed Wednesday that this relief will come from a rate deferral agreed upon by Atlantic City Electric, PSE&G, Jersey Central Power & Light, and Rockland Energy. The deferral will offer credits of $30 on the electric bills for July and August.
However, these amounts must be paid back in $10 monthly increments from September through February, typically when electric usage is lower. “The deferral will not cause customers to pay more than what they would have originally paid,” the New Jersey Board of Utilities (NJBPU) stated in a news release. Additionally, the four energy providers have committed to refraining from shutting off power during July and August and will waive reconnection fees for eligible customers.
This measure aligns with a previous request by Governor Murphy to support customers burdened by high utility costs. “Affordability is always top of mind for the NJBPU, and today’s actions prove that we are here to help,” said NJBPU President Christine Guhl-Sadovy.
N.J. summer electric bill reduction
This agreement follows Governor Murphy’s earlier plan to allocate $430 million to subsidize relief for all of New Jersey’s 3.9 million ratepayers. Low-to-moderate income earners may receive up to $250 towards their electric bills, though the specifics of this plan have not yet been disclosed. “My administration is focused on immediate solutions despite big-picture concerns, and we are going to continue working with our EDC partners to offer relief to families and businesses struggling to afford increased utility costs,” Murphy said in a statement.
New Jersey residents have faced soaring energy prices, sparking debate among state lawmakers. Following the recent annual energy auction, customers are projected to experience around a 20% increase in rates. Last summer, many questioned the reasons behind the high bills and advocated for measures to extend the winter power shutoff moratorium to cover the hottest months of summer.
Eric Conklin contributed to this report. He can be reached at [email protected].