Residential electricity customers in the PSE&G utility area are finding significant savings on the electric bills.  The summer of 2010 is the first summer in New Jersey where there has been real electricity choice for residential consumers.  Though power choices are still limited compared to some other deregulated states (Texas, Connecticut, Pennsylvania, New York, Maryland) New Jersey customers have found that energy deregulation can be a good when attempting to have lower electricity bills.

The lowest option for PSEG residential customers can always be found on our electricity prices page.  We have seen rates as low as  10.75 compared to the PSEG default price to compare rate of 12.24 for the summer months of June through September.  Bigger households have to pay even more as their rates rise to 13.21 cents per kilowatt hour after the consume 600 KWH every month, which is about how much a 1 bedroom apartment would use in the summer.  These results in savings between 12-19%.

Here are the current rates we found (updated daily):

PSE&G residential rates will be about 12.27 from October 2010 to May 2011.  What most people don’t realize is that even after you switch electric companies and start paying a lower rate, you remain a PSEG customer as they continue to monitor the lines and wires for the electricity and the billing component.  So at the end of the day, the only thing that changes is that you pay a lower New Jersey electric bill.

Though participation in the New Jersey electric choice program has been slow when considering the significant savings available, things have started to pick up as more people start to realize the electric savings potential.