Electricity Rates in Lakewood, NJ
Average electricity cost, utility comparison, and solar savings potential for Lakewood homeowners.
Lakewood Electricity Cost Overview
The average residential electricity rate in Lakewood, NJ is $0.17 per kWh, which is 6% above the national average of $0.16/kWh. Homeowners in Lakewood pay an average of $160 per month for electricity, based on typical usage of 939 kWh per month.
Electricity rates in Lakewood are determined by the local utility providers that serve the area. Rates can vary depending on your specific utility, usage level, and time of use. Since New Jersey has a deregulated electricity market, Lakewood residents can shop for competitive rates from alternative suppliers.
Electric Utilities Serving Lakewood
| Utility Company | Avg Rate ($/kWh) | Est. Monthly Bill |
|---|---|---|
| PSE&G (Public Service Electric) | $0.17 | $160 |
| JCP&L (Jersey Central) | $0.18 | $169 |
| Atlantic City Electric | $0.16 | $150 |
How Solar Compares to Lakewood 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 - Lakewood, NJ
The average residential electricity rate in Lakewood is $0.17 per kilowatt-hour (kWh), which is 6% above the national average of $0.16/kWh. The average monthly electric bill for Lakewood homeowners is approximately $160.
With solar panels, Lakewood 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 of going solar.
The major electric utilities serving the Lakewood area include PSE&G (Public Service Electric), JCP&L (Jersey Central), Atlantic City Electric. Rates vary between providers, so your exact cost depends on your utility and usage level.
Yes, electricity rates in Lakewood and across New Jersey have been increasing, following national trends of 2-5% annual increases. This makes solar panels an increasingly attractive option since they lock in your energy costs for 25+ years.
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