Deregulation in New Jersey Brings Choices
You may ask, "Where can I compare energy prices in New Jersey?" And the answer is "Pretty much everywhere!" In 1999, New Jersey deregulated its electricity market through the Electric Discount and Competition Act. The law essentially separated the supply and delivery of electricity and empowered residents to choose a third party energy supplier from a competitive market.
The four utilities in New Jersey (PSE&G, JCP&L, Atlantic City Electric and Rockland Electric) have service areas that are open to retail competition. Customers with these utilities can shop around to find out who has the best electric rates in NJ.
The trick is to figure out how to compare electric rates in NJ. Each alternative supplier offers a different supply rate, diverse plans and varied customer service options. You just have to decide what options are important to you and compare suppliers based on those criteria. You should also compare different plans' additional fees, such as monthly fees or exit fees. If saving money is a priority, search for the supplier with the lowest rate. If you're looking for renewable energy, find a supplier that offers green energy plans. Or perhaps you want to lock in a rate for a long contract term — just find the supplier that offers what you need.
If you're not concerned with who has the cheapest electric supply rate in NJ, you can always stick with your utility. Customers who don't shop for a retail supplier default to the local utility's Basic Generation Service. Rates for the utility's electricity supply are determined annually through auctions and regulated by the NJ Board of Public Utilities and the utilities' rates change regularly during the calendar year.
By spending a few minutes comparing retail suppliers in your area, you could find out who has the lowest electric rates. For an energy supplier in New Jersey, you simply have to make a phone call to switch. To stick with your local utility, you don't have to do a thing. Regardless of who has the cheapest electric supply rate in NJ, you will continue to work with your local utility. It is responsible for delivering your electricity supply and maintaining the power infrastructure such as the utility poles and electrical lines. The main difference you will see if you switch is your supply rate charge will come from a supplier instead of the utility.
