Electricity Rates in New Jersey
Average residential electricity cost, utility comparison, and solar savings potential for New Jersey homeowners.
New Jersey Electricity Cost Overview
The average residential electricity rate in New Jersey is $0.17 per kWh, which is 6% above the national average of $0.16/kWh.New Jersey homeowners pay an average of $160 per month for electricity, based on typical usage of 939 kWh per month.
New Jersey electricity rates are above the national average and trending upward. The state's strong SREC program combined with rising rates makes solar an excellent financial decision.
Major Electric Utilities in New Jersey
| Utility Company | Avg Rate ($/kWh) | Customers | Est. Monthly Bill |
|---|---|---|---|
| PSE&G (Public Service Electric) | $0.17 | 2.3M | $160 |
| JCP&L (Jersey Central) | $0.18 | 1.1M | $169 |
| Atlantic City Electric | $0.16 | 560K | $150 |
New Jersey has a deregulated electricity market, which means you can choose your electricity supplier. Shopping for a competitive rate can lower your bill.
How Solar Compares to New Jersey Electricity Rates
Without Solar
- Monthly bill: $160
- Annual cost: $1,920
- 25-year cost: $48,000
- Rate trend: Rising 2-5% annually
With Solar
- Monthly savings: $131
- Annual savings: $1,572
- 25-year savings: $40,000
- Rate: Locked in for 25+ years
Electricity Rates FAQ - New Jersey
The average residential electricity rate in New Jersey is $0.17 per kilowatt-hour (kWh), which is 6% above the national average of $0.16/kWh. The average monthly electric bill is approximately $160.
With solar panels, New Jersey homeowners can reduce their electricity costs by approximately 82%, saving around $131 per month or $40,000 over 25 years. The 30% federal tax credit further reduces the upfront cost.
The largest electric utilities in New Jersey include PSE&G (Public Service Electric), JCP&L (Jersey Central), Atlantic City Electric. Rates vary between utilities, so your exact cost depends on your provider and usage.
Yes, electricity rates in New Jersey have been increasing over time, following national trends of 2-5% annual increases. This upward trend makes solar panels an increasingly attractive investment since they lock in your energy costs for 25+ years.
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