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):
Electric choice options are heating up in some markets as we begin to enter the high energy summer season. Customers who use websites to perform electric price comparisons will give themselves access to the most options and highest electric rate savings.
In Philadelphia, electricity customers of PECO energy are experiencing electric choice for the first time and a surprising number of residential and business customers are power shopping for lower energy rates. PECO energy default rates are going to rise in the summer which has prompted people to explore electric rate options quicker than some had expected. Because PECO default rates change on a quarterly basis initial savings have not been huge, but people are starting to see that locking in a low electric rate can be beneficial as it protects you from future increases. The other side of that argument is that default rates can go down causing you to be stuck paying a higher electric rate with another electric supplier. While this a possibility, historic energy prices have shown that rates tend to go up in the summer. Unfortunately, it will probably take a large energy spike for some people to start looking into their electricity choice options
In Texas, which has enjoyed a competitive electricity market since 2002, thousands of customers who had not previously power shopped saw their electric rates triple in the summer of 2008 due to rising natural gas prices. Electric customers who had previously locked in low rates were not effected by the increases. Today the majority of Texas electricity customers are in some type of electric supply contract.
New Jersey electricity customers are also getting low electric rate offers that can protect them from summer rate increases. Performing an energy comparison of all the offers will allow electricity customers to get the lowest offers with the best promotional offers. Promotional offers as high as a $75 gift card are available in New Jersey.
There are currently savings for Connecticut electricity customers who are serviced by the utility the United Illuminating Company (UI). Both residential and business customers are finding savings by shopping the competitive electric market.
Residential electric customers in the UI service area are paying a default rate of 11.568 cents per kilowatt hour. The lowest electric rate in the UI utility area that we found was for 9.6 cents per kilowatt hour, a 12% savings. Similarly, a 9.6 cents electric rate was found for small business customers in Connecticut compared to the UI default rate of 11.5918, 1 7.3 percent savings.
Electric savings are real in Connecticut. If you have not looked into competitive power prices we strongly encourage you to do so. There is no reason to pay 12-20% more a month on your electric bills when you can easily save money by signing an electric contract with a reputable electric supplier.
For a list of electric suppliers in your area send us an email with your state and local utility company.
We are also seing electric rate savings in the following utility service areas: PSEG, ACE, JCPL, CPL, PPL, BGE, Delmarva, all of Texas
Maryland electric customers, both residential and business, are finding lower electric rates when they shop in the competitive market. Customers who are served by Baltimore Gas and Electric (BGE) and PEPCO are finding the greatest savings.
The exact rate and savings that you can find depend on your individual rate class by your utility and historic usage patterns, but most electricity customers in Maryland can save between 10-20%. As an example, current the current price to compare (default rate) for a BGE class G type 1 business customer is $0.1089 per kwh. We have found a 24 month fixed offer for such a customer at a rate of $0.092 per kwh, a 15 percent savings.
Most Maryland Utility companies, like BGE and PEPCO, offer consolidated billing options which means that customers will still receive their monthly electric bill from their same utility company if they choose to lock in a low fixed rate with a competitive electric supplier.
